The 401Kids Savings Act would create savings accounts for newborns. While state child savings accounts have shown promise, inflation and taxes prompt concerns.
But it doesn’t do anything about inequality. Rich kids will have an even bigger tax shelter to retire on while poor kids will have nothing. This is a tax break for the wealthy.
But it doesn’t do anything about inequality. Rich kids will have an even bigger tax shelter to retire on while poor kids will have nothing. This is a tax break for the wealthy.
The income cap for it is pretty low so wealthy people would not be able to put into it.
But they already don’t need it lol