Latest action: Referred to the House Committee on Ways and Means.
Referred to one or more standing committees for review, hearings, and possible markup.
Specific committees not parsed from action data.
The committee may hold hearings, amend the bill, or let it die without action.
Next: Reported
Full chamber floor — Speaker / Majority Leader controls scheduling
Bill creates new tax-advantaged savings accounts for retirement and education expenses.
The problem
Americans struggle to save for retirement and education due to limited tax benefits. Existing savings accounts have restrictions that discourage people from building long-term financial security.
The proposal
The bill establishes SMART savings accounts offering tax breaks on deposits and earnings. It allows individuals to save money for retirement and qualified education costs with reduced tax burden.
The impact
Working Americans and families benefit from tax savings. Financial institutions may see new account growth. Federal tax revenue could decrease from tax incentives provided.
The accounts provide tax advantages that make saving more affordable for everyday people. Families can build emergency funds and education savings without losing money to taxes.
New accounts incentivize Americans to think about future needs and plan ahead. This promotes financial stability and reduces reliance on emergency borrowing.
Tax benefits for education savings can help more families afford college and training programs. This expands opportunity for students from lower-income households.
Increased savings can lead to more money available for investment and business growth. Financial institutions benefit from managing new accounts.
Tax incentives reduce government income needed for other programs. This could limit funding for Social Security, Medicare, or infrastructure projects.
Tax advantages primarily help people with extra money to save. Lower-income families may see minimal benefit since they have less to invest.
New account types add confusion to the already complicated tax system. People may struggle to understand rules and make mistakes on their taxes.
Government must spend money to create, manage, and enforce new rules for these accounts. This adds bureaucratic burden and expense.
Generated by AI from the bill text. Not a prediction and not legal or policy advice. The percentage is the model's own rating of each item — self-reported, and not a measure of how accurate it is.
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Individual contributions, grouped by employer · FEC
Where their individual donors work · 2026 cycle
Money from people who work there, not from the company. Not tied to this bill.
Itemized individual contributions via FEC, grouped by the employer each contributor self-reported. Companies and unions cannot contribute to federal candidates from their treasuries, so these totals are money from people who work at an employer — never from the organization itself. They are campaign contributions covering a full election cycle and are not connected to this bill.
Senate LDA lobbying disclosures
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