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.
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.