H.R. 9010 proposes an amendment to the Internal Revenue Code of 1986 to create universal savings accounts (USAs) for individuals in the United States. These accounts would be exempt from most taxes and could only be funded with cash contributions up to a limit of $10,000 per year, with...
Simple Explanation
Imagine there's a special savings piggy bank called a "universal savings account" where people can put up to $10,000 every year, and they don't have to pay most of the usual taxes on this money. However, some people might not be able to use it as much, especially if they live in expensive places or earn a lot of money.