The American Opportunity Accounts Act aims to establish savings accounts for children at birth, providing an initial deposit and additional contributions based on family income. These accounts can be used for education, homeownership, or retirement. The bill intends to address wealth inequality by promoting asset building for all children, especially those from low-income families. It proposes creating tax incentives to encourage savings and includes provisions for account management and investment strategies. If enacted, this bill could have a significant impact on intergenerational wealth disparities in the United States.
2023-02-14: Introduced in House
2023-02-14: Referred to the House Committee on Ways and Means.
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