McCormack Speaks

Proposed New Savings Accounts Just Another Tax Shelter For Richest Americans


photo of Christian Weller

Professor Christian Weller, Department of Public Policy and Public Affairs, McCormack Graduate School

Congressional Republicans are getting ready for another round of tax cuts. According to congressional sources, this newest round may include a new retirement savings option under the name of “Universal Savings Account.” Contrary to the argument that it will help people get ready for retirement, it will mainly serve as a tax shelter for the wealthiest Americans and will do nothing for 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.

Continue reading Dr. Christian Weller’s article published in Forbes here.

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