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1 Rochert Bellafiore, The Case for Universal Savings Accounts 1 (2019)

handle is hein.taxfoundation/csunsv0001 and id is 1 raw text is: The Case for Universal Savings Accounts FISCAL FACT Robert Bellafiore No. 638 Policy Analyst Feb. 2019 Key Findings * Personal saving and investment are necessary for long-term economic growth. * Though the tax code provides several types of accounts that receive proper tax treatment for narrow saving purposes, their elaborate rules and restrictions complicate and discourage saving. * The creation of universal savings accounts (USAs) would help people to save. USAs are all-purpose accounts available to anyone, with no minimum contribution requirements and no restrictions or penalties for withdrawals. They apply the proper tax treatment to saving, as they have only one level of taxation, at the time of either contribution or withdrawal. * USA equivalents have been implemented in Canada and the United Kingdom, where they have encouraged saving and seen widespread usage across income groups. * For policymakers in the United States designing USAs, details would include setting an annual contribution cap, adjusting contribution limits over time, and choosing between traditional- and Roth-style tax treatment. The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and local levels. We are a 501(c)(3) nonprofit organization. @2019 Tax Foundation Distributed under Creative Commons CC-BY NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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