1y ago

Wealth inequality starts at birth. Lawmakers debate whether child savings accounts can help, the 401Kids Savings Act

www.cnbc.com

Wealth inequality starts at birth. Lawmakers debate whether child savings accounts can help

Personal Finance @lemmy.ml

Blaze @reddthat.com

1y ago

Wealth inequality starts at birth. Lawmakers debate whether child savings accounts can help

www.cnbc.com /2024/05/21/lawmakers-debate-if-child-savings-accounts-may-reduce-wealth-inequality.html

A Boring Dystopia @lemmy.world

return2ozma @lemmy.world

1y ago

Wealth inequality starts at birth. Lawmakers debate whether child savings accounts can help, the 401Kids Savings Act

www.cnbc.com /2024/05/21/lawmakers-debate-if-child-savings-accounts-may-reduce-wealth-inequality.html

18 comments

... while still opposing estate taxes. It's fucking amazing the lengths Americans will go to to avoid actually solving a problem.
- No kidding.
  This is like healthcare, which every other nation has mostly solved, but the Americans bend over backwards to find the most byzantine “solutions “ for just to avoid taxing the rich and/or implementing a functioning welfare state.
  The latest hysterical example was importing drugs from Canadian pharmacies because apparently buying from a (barely) socialist country is okay, but basic bargaining is somehow immoral.
  
  Don't forget that paying taxes to help others while they don't necessarily benefit from it horrify most of them
Oh yes, let's do another special loophole kinda bullshit thing instead of restraining capitalism, breaking up monopolies and providing for the social good.
Can't wait to read the headlines in 20 years:
"My 401Kids account was hacked and now I start with nothing"
And
"Dad uses 401Kids account used for hookers and blow"
And
"Buy now, save later, 401Kids account available for lay-by purchases "
- Also:
  "Need money now? Get a low* interest loan using only your child's 401Kids as collateral! Turn that theoretical money into actual money!"
  *And you better not miss a payment, you fucking deadbeat.
- I'll start my own 401k. With blackjack, and hookers!
- “hey, it’s your 18 birthday: hot single women in your area want to help you celebrate. Just send $53,000 to book your cabin on our exclusive birthday extravaganza cruise!”
All families would be eligible to contribute up to $2,500 per year.
Most of us don’t have $2500 per year to save !!!!!
- You are not required to contribute the maximum. Some of the programs only required $5 for an count. Saving some, even a little, is better than saving nothing.
  
  But it doesn't do anything about inequality. Rich kids will have an even bigger tax shelter to retire on while poor kids will have nothing. This is a tax break for the wealthy.
  
  That's the point the poor kids stay poor and the rich kids stay rich. How does this solve the issue it's trying to fix?
- That's good, it means the cap won't restrict what you can save for your children.
Another way systemic inequality is given an individual solution so America can continue to pretend poor people deserve to be poor.
It starts before birth. Low socio-economic status affects the health of pregnant people, which in turn has consequences for foetal development. Stress is a big trigger for various latent congenital issues, and that's one reason climate change is going to result in increased rates of disease.
This is a giant SMH

18 comments