Latest news with #DianaHarshbarger
Newsweek
12-05-2025
- Business
- Newsweek
'Universal Savings Account' Proposed for All Americans: What to Know
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A new legislative proposal could soon give every American access to a flexible, tax-free way to build financial security. The Universal Savings Account (USA) Act, introduced this month in both chambers of Congress, aims to create a new class of savings account that combines the tax advantages of a Roth individual retirement account (IRA) with the unrestricted access of a traditional savings account. The bill, spearheaded by Texas Senator Ted Cruz and Representative Diana Harshbarger of Tennessee, both Republicans, would establish savings accounts that allow individuals to contribute up to $10,000 annually and withdraw their savings without taxation or penalties. Why It Matters The USA Act proposes a solution to what lawmakers say is an overly complex and punitive savings environment. "A simple and accessible incentive savings plan will provide families with a way to establish financial security and prosperity," Cruz said. Harshbarger called the bill a "commonsense" reform that "cuts through red tape and gives every American a flexible, tax-free way to save, invest, and spend—without government interference or penalties." Stock image of U.S. dollars of varying value. Stock image of U.S. dollars of varying value. GETTY What is a 'Universal Savings Account?' According to the bill, a USA is a trust account where contributions are made in cash, and withdrawals can be made at any time for any purpose—with no age limits, penalties, or usage restrictions. Money held in the account is not subject to federal taxation when withdrawn. According to the bill text, accounts could be opened with a maximum initial contribution of $10,000, which increases by $500 every year, before capping at $25,000. There would be no contribution limits based on income. How Do USA Accounts Compare? Like Roth IRAs, USAs feature post-tax contributions and tax-free growth. However, they offer a degree of more flexibility: Roth IRAs impose early withdrawal penalties and income eligibility caps, while USAs have none. Contribution limits also differ—$10,000 per year initially under the USA Act versus $7,000 for Roth IRAs in 2025. Like a Roth, you can also choose to invest your savings with a USA account. You would not be able to invest it in life insurance contracts, according to the bill text, like with Roth accounts. Compared to high-yield savings accounts, which offer taxed returns around 4–5 percent, a USA's untaxed growth offers a better net yield. For instance, a 4 percent return taxed at 22 percent yields just 3.12 percent, whereas the same return in a USA would remain at 4 percent. What People Are Saying Senator Ted Cruz said: "A simple and accessible incentive savings plan will provide families with a way to establish financial security and prosperity. This bill provides a straightforward solution to those challenges. I strongly urge my colleagues to pass this bill for the future generations of Americans." Representative Diana Harshbarger: "The Universal Savings Account Act cuts through red tape and gives every American a flexible, tax-free way to save, invest, and spend—without government interference or penalties. Washington shouldn't be in the business of micromanaging how people use their own money. This bill is a win for working families, a win for personal freedom, and a win for financial independence." The Tax Foundation said in a report: "Current tax-advantaged savings options are overly complex and restrictive." The new accounts "are tax-advantaged savings vehicles with unrestricted use of funds, allowing participants to save for any reason without penalty or excessive paperwork." What Happens Next The act has been introduced in both the House and the Senate and referred to the House and Ways Committee and the Finance Committee respectively.
Yahoo
09-05-2025
- Health
- Yahoo
Rep. Harshbarger hopes to create website to provide pregnancy resources
WASHINGTON, D.C. (WJHL) — Congresswoman Diana Harshbarger has reintroduced legislation that would create a national website to connect pregnant women with nearby resources as alternatives to abortion. Harshbarger filed the Act on Thursday. Tennessee, Ballad Health agree to changes in COPA terms According to Harshbarger's office, the website ' would help expectant mother find public and private resources based on zip codes. The website would be created at no net cost to the government since it would use existing resources. Harshbarger hopes to give the site credibility by giving it a '.gov' domain. According to the text of the bill, the website would be prohibited from including resources offered by a 'prohibited entity.' Prohibited entities are defined in the legislation as an entity or clinic that 'performs, induces, refers for, or counsels in favor of abortions, or provides financial support to any other organization that conducts such activities.' 'When you're blessed with a pregnancy — whether expected or unexpected — you shouldn't have to scramble for help. This bill ensures women have easy access to life-affirming resources, including prenatal care, alternatives to abortion, transportation assistance, support for victims of domestic or sexual violence, and much more.'This legislation has the potential to save countless unborn lives while helping families welcome God's greatest gift into the world. I'm proud to lead this effort and continue standing as a strong voice for life.' Congresswoman Diana Harshbarger The bill would require the U.S. Secretary of Health and Human Services to establish the website. According to the text of the bill, users of the site would answer a series of questions to generate a list of relevant resources within a selected radius. The full text of the bill can be read by Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Fox News
07-05-2025
- Politics
- Fox News
Do we even need this? Lawmakers get real about REAL ID mandate starting today
The United States has had 20 years to roll out REAL ID. Starting today, passengers must have a REAL ID or another accepted form of identification, like a passport, to travel domestically in the country. Lawmakers on Capitol Hill spoke with Fox News Digital about how their home states implemented the final phase of REAL ID, as President Donald Trump 's administration signaled there would be no deadline extensions. "I had to go through all that to get it on my license, and that was a year or two ago," Rep. Diana Harshbarger, R-Tenn, said. "Tennessee put that into effect a long time ago. If there's a hard deadline now, people better get on the stick." While some Republican lawmakers expressed concern to Fox News Digital about their constituents not knowing or being able to get a REAL ID in time, most agreed REAL ID was a step in the right direction for national security. PANDEMIC, PRICE TAGS AND PRIVACY CONCERNS: WHY IT TOOK 20 YEARS TO IMPLEMENT REAL ID Sen. Rick Scott, R-Fla., called REAL ID a "better way to prove who you are, and make sure there's less fraud in the country." 'EXPECT WAIT TIMES': TRUMP ADMIN SIGNALS NO EXCEPTIONS AFTER KENTUCKY ASKS FOR REAL ID EXTENSION "It's important that every state does the same thing," Sen. Tommy Tuberville, R-Ala., said. "We can't have some states doing one thing, some states doing the other. This is the United States of America, the last time I looked. We're going to do it. Let's all do it the same, do it the right way, take care of business, and go from there." Rep. Jeff Crank, R-Colo., told Fox News Digital that Colorado has not had any problems with REAL ID, adding, "Colorado's gotten a lot of things wrong, but on REAL ID, I think they did a good job." Other states have not been as successful in their REAL ID rollouts. Kentucky lawmakers, including Kentucky's Senate Transportation Committee Chair Jimmy Higdon and 27 state Senate leaders, sent a letter to Homeland Security Secretary Kristi Noem on April 17 requesting a delay on REAL ID enforcement, citing concerns among Kentuckians "who are still unable to access driver's licensing services due to limited appointment availability and long lines for walk-ins." The Trump administration confirmed in a statement to Fox News Digital that states would need to comply by the May 7 deadline, despite Kentucky's delay request. "What I'm concerned about is that constituents who may not be aware of the REAL ID requirement or that didn't have time to get their REAL ID, will show up at an airport to go on a flight and realize they can't fly domestically anymore without that REAL ID," Rep. Nicole Malliotakis, R-N.Y., said. Malliotakis said she has been trying to get the word out to her community that passengers will either need to get a REAL ID or travel with their passport starting Wednesday. "I think the government needs to be more proactive and do advertisements. I would urge DHS and TSA to be doing that to get the word out there, so people can get their REAL ID as soon as possible," she added. However, Sen. Eric Schmitt, R-Mo., took the criticism a step further, telling Fox News Digital that REAL ID "has not really been talked a whole lot about in Congress, and we're starting to get questions from constituents." CLICK HERE TO GET THE FOX NEWS APP "We want to make sure that people have the ability to make accommodations, but the question is whether or not we even need this. We haven't even had that debate in Congress. We should," Schmitt added, despite Congress passing the REAL ID Act in 2005. Rep. Dale Strong, R-Ala., had a different take. "Get the yellow star on your driver's license, it'll help you down the road."
Yahoo
29-04-2025
- Business
- Yahoo
Harshbarger's American Music Tourism Act passes House
BRISTOL, Tenn. (WJHL) — Congresswoman Diana Harshbarger's bill to support and boost music tourism, with the hope of benefiting Northeast Tennessee, has passed the U.S. House of Representatives. Harshbarger's office announced on Monday that the American Music Tourism Act passed the House with bipartisan support. Impact Plastics employee Johnny Peterson honored for heroism during Hurricane Helene If made law, the bill would require the Assistant Secretary of Commerce for Travel and Tourism to craft a plan that stimulates and bolsters music tourism nationwide. Additionally, the assistant secretary would also report on the plan's success and hurdles to Congress. 'We've been working longer than nine to five to get this legislation passed through the House, and I'm thrilled that it passed with such overwhelming support. This legislation will have a direct impact on Tennessee's First Congressional District. As home to iconic destinations like Dollywood in Pigeon Forge and the Birthplace of Country Music in Bristol, we play a vital role in the music tourism industry.'I'm thankful to my colleague and co-lead Rep. Nanette Barragán (CA-44), as well as all of the members who voted to support this bill. I look forward to this legislation making its way through the Senate, where it's sponsored by Senator Blackburn, with the ultimate goal of having it signed into law by President Trump.' Congresswoman Diana Harshbarger Harshbarger further stated that the bill will not require any additional taxpayer dollars if put to use. The entire text of the bill can be read by Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
