Congressional Republicans are reportedly readying a proposal for a new savings option, touted as a “Universal Savings Account.” Contrary to this sales pitch, it will actually serve as a tax shelter for the wealthiest Americans and will do nothing to improve the retirement security or saving for average Americans. The proposal showers new tax benefits on wealthy families, who need the least help to save more. It may also create new obstacles to saving for lower-income households, who need more not less help to prepare for retirement.
The above excerpt was originally published in Forbes.
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