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4 Feb 2021
Congressional Democrats on Thursday once again introduced a bill to establish $1,000 “baby bonds” for newborn Americans.
“Under the bill, which is being led by Sen. Cory Booker (D-N.J.) and Rep. Ayanna Pressley (D-Mass.), anyone born after Dec. 31, 2021, have a government-run ‘American Opportunity Account’ with $1,000 set up for them when they’re born,”
The accounts will accrue about three percent interest and the government would deposit up to $2,000 in those accounts every year until the person turns 18.
“The amount deposited depends on the household’s income level, and families will not receive any additional funds if they make more than 500% of the poverty line, which, in 2020, would be approximately $131,000 for a family of four,” the article continued.