WASHINGTON, D.C. - U.S. Representative Diana Harshbarger introduced H.R. 9010, the Universal Savings Account (USA) Act with Reps. Glenn Grothman (R-WI), Andy Ogles (R-TN), August Pfluger (R-TX), and Derrick Van Orden (R-WI). This legislation will allow Americans to build their own financial security through a single, simple, and flexible savings account –where they can contribute up to $10,000 per year of post-tax income. In doing so, their earnings can grow, and withdrawals can be made at any time WITHOUT having to pay even more taxes.
“During my visits throughout East Tennessee, I hear from countless individuals and families who are being pushed to the financial brink by historic inflation caused by the Biden administration’s policies. Many are struggling to save for their future, let alone for possible emergency expenses,” said Congresswoman Harshbarger. “My USA Act puts Americans in the driver’s seat, providing a flexible, freedom-based option to grow savings tax-free without burdensome government regulations. Our tax code shouldn’t penalize savers for accessing their own money when they need it.”
With Universal Savings Accounts (USAs), Americans can save without the restrictions, confusion, and penalties associated with other savings accounts. Under USAs, there are no minimum contribution requirements, no restrictions or penalties for withdrawals, and hard-earned cash is only taxed once at the time of contribution.
Rep. Harshbarger’s USA Act is modeled on similar provisions in H.R. 6757, the Family Savings Act of 2018, which passed the House of Representatives as part of efforts to build on President Donald Trump’s landmark Tax Cuts and Jobs Act of 2017.
Click here for a one-pager on the bill.
Click here for the full text of the bill.
Endorsements:
The Universal Savings Account Act is backed by several tax reform organizations, such as Americans for Tax Reform, the National Taxpayers Union, Heritage Action, and the Center for a Free Economy.
“Creating Universal Savings Accounts allows families to invest in their future, free of double and triple taxation. This bill creates a straightforward way for taxpayers to save or invest in a tax-free account without the government telling them how to spend their own money. I applaud Reps. Harshbarger, Grothman, Ogles, Pfluger, and Van Orden for leading this effort and Americans for Tax Reform strongly endorses the Universal Savings Account Act,” said Grover Norquist, President of Americans for Tax Reform
“National Taxpayers Union applauds Reps. Diana Harshbarger, Glenn Grothman, Andy Ogles, August Pfluger, and Derrick Van Orden for introducing the Universal Savings Account Act. This legislation would help simplify tax-free saving for millions of Americans, without restrictive rules on this account,” said Nick Johns, Senior Manager of Government Affairs and Policy, National Taxpayers Union
“All savings should work like they do in this account: you save money you’ve already paid taxes on, the money grows, and you never have to worry about taxes again. No capital gains tax. No dividends tax. No interest tax. After all, it’s after-tax dollars you’ve saved. Makes tax filing a breeze,” said Ryan Ellis, President of Center for a Free Economy
This is a companion discussion topic for the original entry at https://harshbarger.house.gov/media/press-releases/rep-harshbarger-colleagues-introduce-bill-create-universal-savings-accounts