Tax Notes Today ($) reports that Democrats are getting behind the idea of tax-favored savings accounts for newborns, called America Saving for Personal Investment, Retirement and Education (ASPIRE). The feds would make an initial $500 deposit into the account for every newborn (how would this happen?). Children from "low income families" would receive federal matching funds as additional deposits are made on their behalf (are we talking about the low income of the child, the child's parents, or the donor?). Apparently anyone could contribute to the accounts.
Rep. Patrick Kennedy, D-R.I., supports the idea.
"Why is it that all of our tax incentives go and accrue to those who have the most money?" asked Kennedy. "It seems to me, with the disparity of wealth and income now, we'd better even out those tables."
He should know.
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