{"id":2429555,"date":"2025-05-01T06:13:02","date_gmt":"2025-05-01T10:13:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/republicans-to-introduce-bill-creating-roth-ira-style-savings-account-washington-examiner\/"},"modified":"2025-05-01T06:16:29","modified_gmt":"2025-05-01T10:16:29","slug":"republicans-to-introduce-bill-creating-roth-ira-style-savings-account-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/republicans-to-introduce-bill-creating-roth-ira-style-savings-account-washington-examiner\/","title":{"rendered":"Republicans to introduce bill creating Roth IRA-style savings account &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frepublicans-to-introduce-bill-creating-roth-ira-style-savings-account-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2429555&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Congressional Republicans are set to introduce a new piece of legislation known as the Universal Savings Account Act. Sponsored by Rep. Diana Harshbarger (R-TN) and Sen. Ted Cruz (R-TX), the bill aims to provide consumers with a tax-free savings option to encourage personal savings and financial independence. Under this proposed law, individuals aged 18 and older, including citizens and permanent residents, would be able to open Universal Savings Accounts (USAs) with a starting contribution limit of $10,000, which coudl increase annually until reaching $25,000.<\/p>\n<p>The legislation simplifies existing tax rules regarding savings, allowing individuals to withdraw funds tax-free for any purpose, not just retirement. This is similar to Roth IRAs but offers more flexibility. Though, critics argue that such accounts may mainly benefit higher-income earners who can afford to save, leaving lower-income individuals with fewer advantages. The bill previously faced challenges in Congress, but its current version eliminates income limits and introduces custodial accounts for children, aiming to provide a broader financial safety net for families.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Republicans to introduce bill creating Roth IRA-style savings account<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_2102057\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>Congressional Republicans are set to introduce <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/legislation\/\" target=\"_blank\" rel=\"noopener\" title=\"\">legislation<\/a> on Thursday aimed at giving consumers a tax-free haven for their savings interest.<\/p>\n<p>The Universal Savings Account Act, sponsored by Rep. Diana Harshbarger (R-TN) in the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/house\/\" target=\"_blank\" rel=\"noopener\" title=\"\">House<\/a> and Sen. Ted Cruz (R-TX) in the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/senate\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Senate<\/a>, is designed to encourage taxpayers to save by simplifying the &ldquo;complex rules and restrictions&rdquo; in current law.<\/p>\n<div class=\"recommended-stories\">\n<h2>Recommended Stories<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/house\/3396919\/house-lawmakers-seeking-higher-office-muddle-2026-map\/\">House lawmakers abandoning ship for higher office muddle 2026 map<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/house\/3397418\/hank-johnson-criticized-poem-linking-trump-deportations-latinos-home-depot\/\">Rep. Hank Johnson criticized for poem linking Trump deportations to Latinos at Home Depot<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/house\/3397282\/trump-gold-card-proposal-house-judiciary-budget-talks\/\">Trump &#8216;gold card&#8217; proposal faced pushback during House Judiciary budget talks<\/a><\/li>\n<\/ul>\n<\/div>\n<div class=\"article-paywall\">\n<p>&ldquo;Washington shouldn&rsquo;t be in the business of micromanaging how people use their own money,&rdquo; Harshbarger said in a statement to the<em> Washington Examiner<\/em>. &ldquo;This bill is a win for working families, a win for personal freedom, and a win for financial independence.&rdquo;<\/p>\n<p>Under a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/federal-family-leave-would-make-parents-pay-more-to-get-less-help\/\" title=\"Federal Family Leave Would Make Parents Pay More To Get Less Help\">universal savings account<\/a>, the holder would not have to pay taxes on the income earned from interest, giving consumers more flexibility for unexpected costs on housing, healthcare, and more.<\/p>\n<p>Anyone 18 or older who is a citizen or permanent resident can open an account with an initial contribution limit of $10,000 in after-tax income; the limit then increases by $500 each year until it reaches $25,000.<\/p>\n<p>The initial maximum for couples filing jointly is $20,000. Anyone, regardless of income, can open and contribute to an account up to the limit each year, allowing them to avoid double taxation.<\/p>\n<p>The <a href=\"https:\/\/amzn.to\/3YuVZYV\">current tax code includes<\/a> several types of savings accounts that receive only one layer of taxation, many of which are limited to &ldquo;government-approved&rdquo; purposes.&nbsp;<\/p>\n<p>&ldquo;A simple and accessible incentive savings plan will provide families with a way to establish financial security and prosperity,&rdquo; Cruz said in a statement. &ldquo;This bill provides a straightforward solution to those challenges. I strongly urge my colleagues to pass this bill for the future generations of Americans.&rdquo;<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/news\/house\/3395700\/democrats-see-articles-impeachment-trump-uphill-battle\/\" target=\"_blank\" rel=\"noopener\" title=\"\"><strong>DEMOCRATS SEE THE ARTICLES OF IMPEACHMENT INTRODUCED AGAINST TRUMP AS AN UPHILL BATTLE<\/strong><\/a><\/p>\n<p>Harshbarger previously introduced similar legislation last Congress that had six other Republican co-sponsors, but it was not given a floor vote. This version of the bill allows taxpayers to open custodial USAs for children. The last bill also had income phases-outs for eligibility, while this version has no income limitations.<\/p>\n<p>The legislation allows the money to be invested in bonds and equities, with tax-free withdrawals at any time. The accounts are similar to a Roth IRA but allow money to be withdrawn for any reason, not just retirement. Similar legislation <a href=\"https:\/\/www.congress.gov\/bill\/115th-congress\/house-bill\/6757\">passed the House<\/a> in 2018 but did not make it to the Senate.&nbsp;<\/p>\n<p>Those who oppose creating tax-advantaged savings accounts argue they disproportionately help <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-joe-manchin-meeting-with-republicans-drafting-scaled-down-version-of-biden-infrastructure-bill\/\" title=\"Report: Joe Manchin Meeting With Republicans, Drafting \u2018Scaled Down\u2019 ... Of Biden Infrastructure ...\">high-income earners<\/a> who have the means to invest and that workers who spend most of their income on basic needs will not benefit from the reform.<\/p>\n<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_2102057\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"2102057\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Republicans plan to propose a bill for tax-free savings accounts<\/p>\n","protected":false},"author":3691,"featured_media":2429556,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/04\/harshbarger-scaled-1024x683.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[4762,3756,54387,54388,32076],"class_list":["post-2429555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-legislation","tag-republicans","tag-roth-ira","tag-savings-account","tag-washington-examiner"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/04\/harshbarger-scaled-1024x683.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2429555","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/3691"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2429555"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2429555\/revisions"}],"predecessor-version":[{"id":2429559,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2429555\/revisions\/2429559"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2429556"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2429555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2429555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2429555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}