Title page 1

Contents 1

EXECUTIVE SUMMARY 1

INTRODUCTION 2

OVERVIEW OF TRUMP ACCOUNTS 2

OVERVIEW OF OTHER QUALIFIED ACCOUNTS 3

SIMPLER, UNIVERSAL ACCOUNTS: INTERNATIONAL EVIDENCE 7

SHOULD THE GOVERNMENT SUBSIDIZE SAVINGS? 8

WILL TRUMP ACCOUNTS REPLACE SOCIAL SECURITY OR CREATE AN OWNERSHIP ECONOMY? 9

REFORMS 10

Table 1. How Trump Accounts compare to existing tax-advantaged savings vehicles 4

Table 2. Trump Account provides smallest tax savings compared to alternatives 5

Figure 1. Individual Savings Account balances in UK exceed annual wages for low-income earners 7

Figure 2. Canadians use flexible investment accounts over retirement-only accounts at nearly every age 8