Universal Savings Account Act of 2025

This bill creates a new type of savings account called a Universal Savings Account. People could put up to $10,000 into the account in 2025, with that limit going up by $500 each year until it reaches $25,000, and the limits would also be adjusted for inflation. The money earned in the account and money taken out would not be taxed by the federal government, and unlike other special savings accounts, the money can be withdrawn and used for any reason. The bill also sets up penalties for putting in more money than allowed, for certain improper transactions, and for account managers who don't follow required reporting rules.

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