Cory Booker Wants To Give Every American Child Up To $2,000 Per Year Until They’re 18 – JP

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Sen. Cory Booker (D-NJ) and fifteen other Democratic Senators want to give $1,000 to every American child every year until they reach adulthood.

The American Opportunity Accounts Act — reintroduced by Booker in January — would give each American child $1,000 in “Baby Bonds” at birth. Depending on household income, the child’s interest-bearing account would receive up to $2,000 annually, which could be accessed at age eighteen for buying a home, starting a business, or paying for college.

While children from disadvantaged families could see their accounts reach nearly $50,000 in value, children from wealthy families would only end up with a total of $1,600 by their eighteenth birthday.

As CNBC reports, the plan could cost the federal government between $60 billion and $80 billion.

Among the bill’s cosponsors are Majority Leader Chuck Schumer (D-NY), Sen. Dick Durbin (D-IL), Sen. Bernie Sanders (I-VT), and Sen. Elizabeth Warren (D-MA). Similar legislation in the House is endorsed by Rep. Rashida Tlaib (D-MI) and Rep. Ayanna Pressley (D-MA). – READ MORE

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Source
Las Vegas News Magazine

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