US EditionHarshbarger, Cruz introduce new savings account bill
- Texas Republican Senator Ted Cruz has proposed legislation aimed at enabling families to save money without incurring tax penalties, known as the Universal Savings Account Act.
- The bill responds to the current tax code's complexity, which discourages saving and applies income tax twice on saved earnings.
- The proposed legislation seeks to modify tax law to introduce Universal Savings Accounts, setting an initial contribution limit of $10,000 that can increase annually by $500 until reaching a maximum of $25,000 per year, adjusted for inflation.
- U.S. Rep. Diana Harshbarger of Tennessee introduced a related bill in the House, describing it as a practical measure that helps individuals gain greater authority over their financial well-being.
- If enacted, the bill would provide a flexible, tax-free saving option benefiting low- and middle-income households and promoting financial security and upward mobility.
13 Articles
13 Articles
Watauga Democrat
Cruz introduces bill to allow families to save without tax penalties
(The Center Square) – U.S. Sen. Ted Cruz, R-Texas, has introduced another bill to help families save money without tax penalties. He previously introduced a bill to expand tax-deferred education savings plans and another to create Education Savings Accounts for…
Harshbarger, Cruz introduce new savings account bill
WASHINGTON (WJHL) — Congresswoman Diana Harshbarger and Sen. Ted Cruz are spearheading the effort to create a new type of tax-advantaged savings account. Harshbarger and Cruz filed companion bills on Thursday, introducing the Universal Savings Account (USA) Act. Deputies search for woman missing from West Knox County Similar to Roth IRAs, contributions to the accounts could be taxed, but the growth of the funds in the account would not be …
Ted Cruz Introduces Bill to Allow Families to Save Without Tax Penalties
WASHTINGTON, D.C. – U.S. Sen. Ted Cruz, R-Texas, has introduced another bill to help families save money without tax penalties. He previously introduced a bill to expand tax-deferred education savings plans and another to create Education Savings Accounts for military families, The Center Square reported. Now, he’s introduced the Universal Savings Account Act to allow American families to save without the restrictions and penalties associated wi…
Coverage Details
Bias Distribution
- 50% of the sources are Center
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
