If the government has it way, taxpayers will have a new financial advisor to assist them with their saving initiatives. There is current proposed legislation that would create the Consumer Finance Protection Agency (CFPA) and this agency would create a savings account for you that would automatically take your tax refund and deposit it into the account. Additionally any increases in your pay scale would also be added to the savings account thus the taxpayer would not have to worry about building a sound foundation of savings.
The rationale for creating the agency is that many taxpayers need the protection of the government from unscrupulous companies in the financial and credit markets and that most taxpayers need guidance when it comes to saving money. Many accountants and financial advisors feel that there is a better way to go about educating taxpayers about saving. Be sure to post your comments and opinions about this potential legislation and also write your congressional leader to express your opinions for or against.
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