https://brat.house.gov/hr-4094-universa ... ccount-act
This seems like a reasonable proposal that would benefit most middle class families, by allowing them to create a tax free savings account.
Let's debate the pros and cons.
Universal savings?
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DanieltheDragon
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Universal savings?
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Re: Universal savings?
Post #2[Replying to post 1 by DanieltheDragon]
I think if a family is basically living paycheck to paycheck and saving very little (if anything), offering a tax free savings account will not change the fact that they are basically living paycheck to paycheck and saving very little.
I think if a family is basically living paycheck to paycheck and saving very little (if anything), offering a tax free savings account will not change the fact that they are basically living paycheck to paycheck and saving very little.
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DanieltheDragon
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Re: Universal savings?
Post #3[Replying to Genevieve]
I didn't say it would help the poor. It is designed to help the middle class. The wealthy would not really benefit from this at all. This is a no cost program that would help middle class families plan for the future without being double taxed later in life.
I didn't say it would help the poor. It is designed to help the middle class. The wealthy would not really benefit from this at all. This is a no cost program that would help middle class families plan for the future without being double taxed later in life.
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Furrowed Brow
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Post #4
There are various tax free financial products in the UK, this program is maybe different in so far as it offers more flexibility to withdraw savings.
I think the US is going through the same economic restructuring we are seeing here, which is a move to a low wage economy, zero hour contracts, terms and conditions eroded, greater uncertainty, etcetera. People who once thought themselves middle class are feeling anxious, and find themselves in the sad situation of not being able to help their kids who are now thirty live in their teenage bedroom and "failed to launch", or if they earn a bit more are "generation rent".
A bank account like the one suggested...fine ok...but kind of like a flimsy umbrella in a tropical rainstorm. Maybe there is a better simile than that, but you get the point.
What we really need..here in the UK...is affordable housing and better wages. Neither are likely for a very long time.
I think the US is going through the same economic restructuring we are seeing here, which is a move to a low wage economy, zero hour contracts, terms and conditions eroded, greater uncertainty, etcetera. People who once thought themselves middle class are feeling anxious, and find themselves in the sad situation of not being able to help their kids who are now thirty live in their teenage bedroom and "failed to launch", or if they earn a bit more are "generation rent".
A bank account like the one suggested...fine ok...but kind of like a flimsy umbrella in a tropical rainstorm. Maybe there is a better simile than that, but you get the point.
What we really need..here in the UK...is affordable housing and better wages. Neither are likely for a very long time.
