by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Followers of North Carolina’s recent tax reform debates might remember the John Locke Foundation’s endorsement of a USA Tax for the state.
Now Chris Edwards of the Cato Institute submits the following:
Canada and Britain have recently liberalized their universal savings accounts. These accounts provide excellent models for pro-savings tax reform here in the United States.
Canadians can now plough $10,000 a year into Tax-Free Savings Accounts (TFSAs), and Britain recently increased the annual contribution limit on Individual Savings Accounts (ISAs) to the equivalent of $23,000 a year. Savings in these accounts grow completely tax-free, and funds can be withdrawn tax-free at anytime for any reason.
As I note in these new articles [links below], this is the type of pro-growth, pro-family, pro-freedom reform that should have broad political appeal.