A Democratic Congressman is about to propose an ambitious plan to fight economic inequality by giving money to every American child — and there’s a chance Republicans will actually support it. On Tuesday afternoon, Rep. Joe Crowley (D-NY) will release an outline of legislation that would create a retirement savings account, called a USAccount, for every American child at birth. The government would provide $500 in seed capital — roughly $2 billion per year in total government expenses, making it a relatively cheap program. Families could put up to $2,000 per year in the child’s account on top of the government’s contribution; money from USAccounts can only be withdrawn by parents to pay for higher education. The child can withdraw cash after his/her 18th birthday to fund a college, a home purchase, a new small business, or a traditional retirement account. This money should be given to every children Not only for higher education, but to cover their living expenses from birth till they get a job, this includes education.
Posted on: Wed, 05 Mar 2014 13:38:25 +0000
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