Referred to the House Committee on Ways and Means.
Creates a new tax-exempt savings vehicle called a Universal Savings Account (USA). Sets trustee, investment, and reporting rules; annual contribution limits starting at $10,000 plus $500 per year after 2024, capped and inflation‑adjusted (up to $25,000 initially).
Progressives emphasize regressivity and revenue loss concerns.
Relative to its intended legislative type, this bill establishes a new tax-advantaged savings vehicle with many of the core statutory elements present (definitions, contribution limits, distribution tax treatment, rollovers, death rules, reporting, and conforming amendments).
Creates a new tax-exempt savings vehicle called a Universal Savings Account (USA).
Sets trustee, investment, and reporting rules; annual contribution limits starting at $10,000 plus $500 per year after 2024, capped and inflation‑adjusted (up to $25,000 initially).
Distributions are generally tax‑free; allows 60‑day rollovers; specifies treatment at death, prohibits certain investments, and applies existing excess‑contribution and prohibited‑transaction penalties and reporting requirements.
Substantive tax break with considerable revenue implications; plausible bipartisan support but needs offsets or package inclusion to advance.
Relative to its intended legislative type, this bill establishes a new tax-advantaged savings vehicle with many of the core statutory elements present (definitions, contribution limits, distribution tax treatment, rollovers, death rules, reporting, and conforming amendments).
Progressives emphasize regressivity and revenue loss concerns.
These are examples from the analysis, not a ranked list of the most-affected groups.
Progressives emphasize regressivity and revenue loss concerns.
Views the idea of broadening tax‑favored savings as potentially useful, but worries this design mostly benefits higher earners.
Concerned about regressivity, lack of income targeting, and lost federal revenue unless offset.
Sees practical value in encouraging private savings but wants more fiscal and implementation detail.
Will evaluate cost, distributional scoring, and administrative simplicity before fully supporting.
Generally favorable toward a tax‑advantaged vehicle that promotes private savings and reduces reliance on government programs.
May still want limits on regulatory burdens and confirmation of modest fiscal impact.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Substantive tax break with considerable revenue implications; plausible bipartisan support but needs offsets or package inclusion to advance.
The bill has not accumulated any surfaced votes yet.
Progressives emphasize regressivity and revenue loss concerns.
Substantive tax break with considerable revenue implications; plausible bipartisan support but needs offsets or package inclusion to advanc…
Relative to its intended legislative type, this bill establishes a new tax-advantaged savings vehicle with many of the core statutory elements present (definitions, contribution limits, distribution tax treatment, rollo…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.