Republicans in Congress are aiming to revamp savings with the introduction of Universal Savings Accounts (USAs) for all Americans as part of the Family Savings Act of 2018. The bill would expand existing tax-free savings accounts such as 401(k)s, IRAs, and 529 College Savings Plans, and it would create USAs as a new type of account for all purposes with a $2,500 annual contribution limit. The chairman of the House of Representatives Ways and Means Committee expects to have the bill ready for a floor vote this month. Read more here....
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