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I think the reason a lot of Americans don't save and invest is because they're so intimidated by the alphabet soup of tax-code created savings plans: 401(k)s, 403(b)s, 529s, IRAs, Roth IRAs, HSAs, et cetera ad nauseum. One wrong step in that labyrinth, and you're slammed with penalties and double taxation. The only way through it is to pay brokers, financial planners, and tax lawyers exorbitant fees and commissions for the privilege of not having your hard-earned money further confiscated by the government.

Is it any wonder Americans don't save money? Just think of the good that could be done by simply allowing Americans to save a substantial (not just part of their money tax-free. It would give Americans who are working their asses off just to make ends meet some light at the end of the tunnel, and allow them to take ownership of their own futures, rather than dependent upon their employers or the government.

Couple that with a tax system that's more favorable to doing business in the US, and we could even ensure that most of the resultant surge in investment is directed right here at home, doing wonders for our economy. In addition to their savings, those Americans might actually be able to find a better-paying job in the long run.

When the government gets out of the way and treats Americans like responsible adults, there's no telling how far Americans can go. As George S. Patton once said, “Never tell people how to do things. Tell them what to do and they will surprise you with their ingenuity.”