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In general, how do you feel about the White House and Congress’ plan to give newborn US citizens $1,000 in a tax-deferred index fund account?

Thursday, Jun 12

In general, how do you feel about the White House and Congress’ plan to give newborn US citizens $1,000 in a tax-deferred index fund account?

Support (35%) – "I think this is a fantastic idea. What I particularly like about it is that it might help nudge people who wouldn't ordinarily think about starting an account for their children at that age. Once the account is up and running, people are more likely to contribute to it. I also like the idea that it's not only for college, but can also be used for a house or a business. As someone who got burned by saving too much in a 529, this is a great way to expand upon the uses of savings, and all of them are worthwhile options."

  • "It's a win-win. People don't open 529s because they don't have any money or realize how restrictive the use is. 529s benefit Wall Street the same as this plan benefits Wall Street. The child and you could lose the dollars in a 529.This plan allows the child to use it for a home, education or business. Benefits Wall Street as well as the child. Invests in America's education and economy. it is a win-win. No, I'm not a die hard political spokesperson. This just makes good sense."

"It is nice to see a program that actually encourages saving for the future instead of spending beyond your means. See the power of compounded growth. And the discipline of not touching it for comfort spending. Okay, you can't touch it until 18 and then only for certain types of spending - brilliant! Just like a trust fund of the wealthy but for our next generation - they are going to need as much help as possible with the level of US debt and AI promising to replace people."

Oppose (41%) – This is designed to make people think he’s doing something good, but it’s not. There are other, real steps the administration could (but won’t) take to make having children more affordable. Free, quality health care access to all, well-funded public schools, increased minimum wage, changing the funding for social security to ensure its survival, tax credits/other relief for daycare, stronger parental leave, etc. $1000 is a distraction and a bribe, but it’s not real."

  • "It's performative at best and is just another example of Republicans hating something when proposed by a Democrat (Hillary Clinton in 2007), but loving it when their cult leader proposes it. Also, critics are right about management fees, etc. -- it's just a boondoggle for whoever becomes trustee."

"Just in general I'm against giving away money. Otherwise there's a lot of things I do like about this proposal, and frankly at some point we've got to get over the fact that the wealthy are always going to have an advantage over the poor. Improving the wealth gap is going to be far more effective by promoting financial literacy and limiting loan sharks, high interest rates, unfair late fees, and other ways that poor people get taken advantage of rather than by complaining every time something gets established that wealthy people will benefit from."

  • "In general the concept is ideal, but the details hold the truth, and the ability to put unlimited amounts from private foundations will only benefit the wealthy, and where do these funds come from, if from Medicaid and Medicare then is not acceptable."

Unsure/other (24%) – "My husband and I are expecting our first child and we decided against the 529 account because it appears too restrictive in how “education” is defined. My husband is a self-taught DR copywriter and marketer and built his skills through mentorship, masterminds, and courses offered by individuals (not through “accredited” pathways). Our understanding is that 529 account funds could not be used for these type of opportunities, so we’ve been looking for another option for our child should she choose a non-conventional path. I’m not sure if Trump’s proposal is best but I appreciate the acknowledgment that in today’s world, accredited pathways are not the only way to learn and build a successful career. And it would be great to see investment funds for our children support this broader learning landscape."

  • "We're in debt almost $37T! Let's balance the budget first, pay of the debt second, then give money to every baby born!"
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