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Could You Benefit From a Universal Savings Account Under Trump?

Could You Benefit From a Universal Savings Account Under Trump?
Jester-Flim / Shutterstock.com

A proposed new type of savings account would allow Americans to put away up to $10,000 each year and enjoy tax benefits similar to those of a Roth IRA. Taxpayers would be allowed to contribute post-tax earnings to a universal savings account (USA) under legislation introduced last summer by four Republican representatives. That means taxpayers would not owe federal income taxes on money they…

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