Originally posted by: PJ Stroh
I see it as a fantastic addition to Social Security. $1000 put in the S&P 500 for 60 years ends up being over $350,000 when that child retires. And thats just with the initial deposit. Part of the appeal of the accounts is that it encourages companies to make additions. Its already become popular. THousands of companies have already agreed to make annual deposits into employees who have Trump accounts with their kids. So in addition to things like 401k match being standard employment benefits there will also be these deposits to Trump accounts.
The income gap in this country has been growing at an alarming rate for decades. Working class people have largely been left behind while the investor class leaps forward. This helps close that gap. Its not a full solution but it helps.
Even if you hate Trump and I do....this is a good thing for our country.
I couldn't agree more. The rich people are allowing the poor to line up at the servant's entrance for a cup of soup. Of course, the reason why those people are there is that the rich people made sure that they couldn't afford soup.
How 'bout Trump cancels the tax breaks for the rich that were part of the Big Pig Bill? That would be appoximately $6,000 per taxpayer additional revenue; Trump the Munificent could put one-sixth of that money into the Noble Turd accounts.
How 'bout Trump doesn't succumb to his primitive urges and start another war, or restart this one? That would save taxpayers about $2,000 each. More Turd deposits!!
Cancel all Turdiffs? $3000 more each (through the end of the year)!
There's an even better way to do this. Instead of the Earned Income Credit, allow taxpayers who have modest incomes but do owe income tax to designate some or all (depending on their total liability) of their tax payments as going to their children's accounts (I refuse to call them Trump accounts). Make those accounts untouchable until the child turns 18, at which point control of them is assigned to the now-adult child.
Basically, it would function, as you say, as a Social Security account that starts up on the child's Year One.