Republicans push to give your savings account a tax cut

Republicans push to give your savings account a tax cut

[Ed. – More ‘crumbs’]

House Republicans, having cut taxes on business income and individual earnings, are now looking to cut them on savings, through new universal savings accounts.

The House GOP attached the accounts, allowing individuals to save up to $2,500 annually on a tax-privileged basis, to what they are calling “Tax Reform 2.0″ — a permanent extension of the individual-side tax cuts included in the December tax law.

House Republicans advanced the legislation through the Ways and Means Committee last week. The legislative package isn’t expected to reach President Trump’s desk this year, but the inclusion of the savings accounts sets up a future GOP Congress to enact them and transform the way Americans save.

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At a basic level, Republicans say they want the accounts in order to encourage saving.

“We’re a nation of spenders and not of savers,” said Rep. Mike Kelly, R-Pa., the author of the Family Savings Act of 2018 that would create the universal savings accounts, or USAs, in addition to expanding existing tax-privileged retirement savings accounts.

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