The 401Kids Savings Act would create savings accounts for newborns. While state child savings accounts have shown promise, inflation and taxes prompt concerns.
No, this could pass because rich folk can set their kids up even better while simultaneously avoiding income tax. Ain’t the average single parent that can put multiple thousands per year towards child accounts (e.g. 529) after contributing 30k+/y (23k 401, 7k ira, and brokerage) to their own retirement.
I’m not from the US so I don’t know much about the subject but is it not what the 401k already is?
Basically every worker in the US giving money to the rich so they can play with it for few decades and hopefully at the end the worker is getting the money back with a bit of interest on it.
If this ever passed (with Republicans in control of Congress and the courts it never will)
They would just find a way still the money and give it to rich. We barely going hold onto social security for us in our 40’s.
That’s what 401ks are already, it’s absolutely going to pass so Republicans can start fleecing kids and blaming the stock market.
No, this could pass because rich folk can set their kids up even better while simultaneously avoiding income tax. Ain’t the average single parent that can put multiple thousands per year towards child accounts (e.g. 529) after contributing 30k+/y (23k 401, 7k ira, and brokerage) to their own retirement.
I’m not from the US so I don’t know much about the subject but is it not what the 401k already is?
Basically every worker in the US giving money to the rich so they can play with it for few decades and hopefully at the end the worker is getting the money back with a bit of interest on it.
That’s pretty much exactly it.