Create Universal Savings Accounts
What the document says“All taxpayers should be allowed to contribute up to $15,000 (adjusted for inflation) of post-tax earnings into Universal Savings”
The chapter proposes accounts holding up to $15,000 a year of post-tax earnings, indexed for inflation, whose gains would be untaxed and withdrawable at any time, and which would be flexible enough to hold investments such as a closely held business.
What the document actually says“All taxpayers should be allowed to contribute up to $15,000 (adjusted for inflation) of post-tax earnings into Universal Savings”
Let anyone put up to $15,000 a year into a savings account. It would come from pay already taxed.
You pay tax on money you earn. Then tax again on what it earns. The book wants an account where the second tax does not apply.
No action is recorded against this proposal. That is not evidence that none has been taken. See what the tracker does not yet cover.