I’m convinced Democrats really believe money grows on trees.
Via Fox News:
An Oregon Democrat says he wants to create federal legislation that would set up each child born in the United States with a savings account as part of a major revamping of the country’s tax code.
Sen. Ron Wyden, on track to become the Senate’s top Democrat on tax policy, says he wants to draft legislation that would provide each child with a $500 savings account as a way to curb poverty.
Speaking earlier this month at the University of Southern California School of Law and the Urban-Brookings Tax Policy Center, Wyden said universal savings accounts for newborns would “really put a dent in the poverty rate.”
He described the country’s current tax code as a “dysfunctional, rotten mess of a carcass.”
While he has yet to write the legislation, Wyden cited a 2009 proposal by Sen. Charles Schumer, a New York Democrat, as a possible blueprint for a future plan that would give all children born in the U.S. $500 toward the cost of college, buying a home or to be used toward retirement.