Don’t Tax Savings and Allow Universal Savings Accounts
Saving for retirement could not be more important, especially with Social Security replacing just 40 percent of pre-retirement income. Stephen Moore and Adam Michel of The Daily Signal outline the concept of universal savings accounts, an idea currently under consideration by the Trump Administration. They explain the current negative incentive to save in America – double taxation. “Universal savings accounts create the opposite incentive, empowering Americans to expand their nest egg. These simple, flexible accounts would allow every American to save more for the future, and the growth on the savings would be tax-free. They offer a way to fully tap into what Albert Einstein once called the most powerful force in the universe: compound interest.” Read their entire piece here.
The Association of Mature American Citizens (AMAC) has developed a very similar idea,Social Security PLUS, which is a component in its bipartisan compromise bill, “The Social Security Guarantee Act”. This new yet voluntary early retirement plan that would allow all earners to build wealth and have more income available at retirement. This component is intended to appeal especially to younger workers. Learn more about AMAC’s Social Security Guarantee here…
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