Cato Daily Podcast
Congress Should Stop Hindering Private Saving
Jun 6, 2024
Adam Michel explains why Congress should end penalties on private saving. Topics include removing impediments to saving, promoting neutral government policy for savings, addressing concerns about private saving, debates around tax advantage savings accounts, and exploring the USA Universal Savings Account project.
10:12
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Quick takeaways
- Tax penalties hinder private saving, including double taxation on interest and capital gains.
- Universal Savings Accounts proposal aims to provide flexible savings options without restrictions, encouraging savings across the population.
Deep dives
Tax Code Disincentives to Saving
The tax code creates disincentives for saving by imposing multiple layers of taxation on saved money. Payroll and income taxes reduce the amount available to save, and further taxes on interest and capital gains discourage saving by penalizing the returns on investments. Savings accounts labeled as 'tax-advantaged' actually remove impediments to saving by shielding saved funds from double taxation, making it easier for individuals to put money aside for the future.
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