Tags: cory | booker | bill | savings | account | birth

Cory Booker Aims to Give Savings Account to Every American Born in US

sen. cory booker talks to reporters on capitol hill.

(AFP/Getty Image)

By    |   Monday, 22 October 2018 05:10 PM

Sen. Cory Booker, D-N.J., has introduced a bill that would provide every American child an interest-bearing savings account when they are born, The Hill reports.

The program would cost about $60 billion and take effect in 2019 if passed. The funding would come from a 4.2 point increase on the capital gains tax rate, bringing the estate tax back to its 2009 level, and increasing the tax on inheritances worth millions of dollars.

“Everyone in America should have a real shot to succeed, but federal policy over decades and an upside down tax code that heaps benefits on the very rich and big corporations have grown the gap between those who have much and those who have little,” the senator said in a statement.

“Today, nearly one in three American families have zero to negative wealth, and it’s hard to get ahead if you begin life behind the starting line.”

Data from the Federal Reserve released in September of last year shows that black and Hispanic families lag far behind whites in terms of income and wealth. The median net worth of white families is 10 times higher than that of black families, and one-in-five black families have zero or negative net worth.

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Sen. Cory Booker, D-N.J., has introduced a bill that would provide every American child an interest-bearing savings account when they are born, The Hill reports.
cory, booker, bill, savings, account, birth
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2018-10-22
Monday, 22 October 2018 05:10 PM
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