Treasury Proposes $2,500 Wage Tax Shelter Through Trump Accounts
Updated
Updated · Bloomberg · Aug 14
Treasury Proposes $2,500 Wage Tax Shelter Through Trump Accounts
2 articles · Updated · Bloomberg · Aug 14
Summary
$2,500 a year in wages could be shielded from federal income taxes under a Treasury Department proposal expanding the benefits of Trump Accounts for parents.
Tuesday's proposal goes beyond the limits Congress set last year when it created the tax-advantaged children's savings and investment accounts.
The change is aimed at making the president's signature account program more financially attractive by adding a new tax shelter tied to parents' earnings.