This bill would change the federal tax code to create a new kind of savings account called a “Universal Savings Account.” The text shows a new section of the tax code focused on “Universal Savings Accounts,” but the provided pages do not include details like who can open an account, contribution limits, or how taxes would work on deposits or withdrawals.

Key points

• Who is affected: People who may use a new savings account added to the federal tax code.
• What changes: Adds “Universal Savings Accounts” to the tax code; the document labels this as a new part on these accounts.
• When: The effective dates or timelines are not shown in the provided text.