In a Tuesday news release, the Independent Community Bankers of America (ICBA) said the proposals sponsored by Senator Craig Thomas (R-Wyoming) and Representative Sam Johnson (R- Texas) would give Americans another way to meet their future financial goals.
“These savings accounts would establish a less-restrictive, easy-to-use, tax-advantaged savings option that would allow millions of typical Americans to increase their personal savings for a wide range of financial needs,” said ICBA President and CEO Camden Fine in the news release.
The bankers’ group has worked with the U.S. Treasury Department, lawmakers, and the National Savings Coalition to support Lifetime Savings Accounts, which would allow individuals to save up to $5,000 per year in after-tax savings for multiple purposes without any further additional tax penalty, according to the announcement.
“As the country’s tax code and financial investment options have grown increasingly complex, more Americans need simplified, secure options to save money for the future,” Fine said. “Lifetime Savings Accounts are one smart and timely public policy prescription to address this savings need.”