Tuesday, October 04, 2022
10/04/2022

'How do we democratize the stock market?' Trump team eyes new savings tax break

“The big thing we’re trying to drive here is: How do we get every American to own stocks?” said Steve Moore, an economist at the conservative Heritage Foundation and a confidant of Trump's White House who has helped formulate the proposal.

The proposal is one of several ideas under consideration as a part of Trump's tax cuts 2.0.Effectively, it would extend the concept of 401(k)s to a broader swath of savings, allowing people to deduct savings from their taxable income. 

Larry Kudlow, the director of Trump's National Economic Council, told CNBC that the tax cut proposal would resemble a universal savings account that could be filled on a pretax basis. Kudlow added, though, that the proposal was just an idea at this point, with no official decisions made yet. 

Moore said that the new tax cut would mostly help people in the $50,000-$150,000 income bracket and could lead to “knocking off a couple million people from income taxes altogether." 

Kyle Pomerleau, a tax specialist at the right-leaning American Enterprise Institute, said the proposal was a good idea and that he would like to see the tax cut "universally applied" for other types of savings accounts, including for accounts that already exist.
 
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