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News & Current Events Discuss Democratic senator proposes $1,000 account for every child at birth, paid for by tax at the General Forum; Oh for the love of.... Spartacus wants to send the party of freebies to a new level. What the fuq ...

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Old 10-22-2018, 06:19 PM
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Default Democratic senator proposes $1,000 account for every child at birth, paid for by tax

Oh for the love of....

Spartacus wants to send the party of freebies to a new level.

What the fuq is wrong with peeps just workin' hard for their money instead of gettin' a handout? No other country has the opportunities we do. If ya work hard you'll make it. If ya fail it's usually because you're a lazy fuq who doesn't apply themselves.

Life is what ya make of it. No one to blame but yourself.

Somewhere Socialist Girl is sayin', "OH YEAH!" in her best Kool-Aid voice.

Democratic senator proposes $1,000 account for every child at birth, paid for by tax increases

Sen. Cory Booker (D-N.J.) wants to give all children $1,000 in federal money at birth to combat economic inequality, and Monday he introduced a bill to do just that, according to The Hill.

Booker’s bill calls for an aggressive and expensive attempt to close the gap between America’s richest and poorest citizens, and would be funded by tax increases.

“There needs to be a new birthright in our country — universal ‘opportunity accounts’ that give EVERY single American kid a shot at the American Dream,” Booker tweeted. “Everyone deserves economic opportunity — not just the 1%.”

What’s the plan?

Booker is one of a handful of Democrats many believe will run for the presidential nomination in 2020, and some of those high profile politicians are jockeying for position with lofty policy ideas.

Here’s how Booker’s “opportunity accounts” would work:

The federal government gives every child a $1,000 savings account at birth

The government could pay up to $2,000 in additional funds to the child per year based on family income

The government would invest the funds in a low-risk account with approximately 3 percent annual returns

After age 18, the money can be accessed and used for certain things, like homeownership or education costs

According to Booker’s estimate, the maximum a child could get from this account would be $46,215 by age 18. Children in the highest tax bracket would have $1,681 when they turn 18.

Who is paying for this?

According to The Hill, a Booker aide said the program would cost about $60 billion, with funding coming from increases in the capital gains tax rate and the estate tax.

“Everyone in America should have a real shot to succeed, but federal policy over decades and an upside down tax code that heaps benefits on the very rich and big corporations have grown the gap between those who have much and those who have little,” Booker said in a statement.”

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Old 10-22-2018, 07:36 PM
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Default Re: Democratic senator proposes $1,000 account for every child at birth, paid for by

If that would replace every other welfare spending program, I'd be for it since it would be cheaper, but to add it to the plethora of transfer-of-wealth programs already in place would be fiscally irresponsible.
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Old 10-22-2018, 11:00 PM
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Default Re: Democratic senator proposes $1,000 account for every child at birth, paid for by

He went from a Spartacus moment to a Karl Marx moment...

Anyone remember when I said the difference between Socialists and Democrats is that Socialists ADMIT they're Socialists?...

I give you Exhibit A...
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Old 10-23-2018, 06:32 AM
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Default Re: Democratic senator proposes $1,000 account for every child at birth, paid for by

I could live with this if it came directly out of the pay of the Congress Critters that voted for it. Otherwise, this is nothing but another attempt at vote buying.
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Old 10-23-2018, 08:08 AM
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Default Re: Democratic senator proposes $1,000 account for every child at birth, paid for by

1. What happens to the $1000 while the child is a minor? Someone has to be guardian of the account.

2. What happens to the money if the child does not survive to the age of majority?

3. Is the interest on the $1000 taxable, and who is going to pay that tax?

4. Are there any requirements for eligibility, like being a child of US citizens, and not an anchor baby born of illegal immigrants?

5. From which Congressweasel is the $1000 deducted from for each newborn?
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Old 10-23-2018, 09:28 AM
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Default Re: Democratic senator proposes $1,000 account for every child at birth, paid for by

Booker has no business expertise or interest. As mayor of Newark Booker balanced the books with a huge tax increase. This proposed giveaway bill is yet another example of his philosophy that prosperity flows from expanding government handouts. Why work when you can use government to loot the bank account of someone more successful than you. After all, it's the government's responsibility to provide for your children not the parents.

There are many aspects of Booker's proposal that show his mixture of arrogance and magical thinking but let's focus on the so-called safe investment accounts that yield 3% annual growth. This smacks of the Social Security trust fund Ponzi scheme where excess cash flow is "invested" in unsecured special purpose bonds allowing Congress to spend the money. Of course to the proudly ignorant anti business politicians like Booker this is an attractive feature of the program.
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Old 10-24-2018, 11:28 AM
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Default Re: Democratic senator proposes $1,000 account for every child at birth, paid for by

Socialism is great until you run out of other peoples money.
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Old 10-24-2018, 11:30 AM
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Default Re: Democratic senator proposes $1,000 account for every child at birth, paid for by

Quote:
Originally Posted by jamesrage View Post
Socialism is great until you run out of other peoples money.
Can anyone name a current successful socialist country?
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Old 10-24-2018, 11:31 AM
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Default Re: Democratic senator proposes $1,000 account for every child at birth, paid for by

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Originally Posted by jamesrage View Post
Socialism is great until you run out of other peoples money.
But many on the left including a few on this forum will tell you that the Democrats are not socialists.
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Old 10-24-2018, 12:12 PM
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Default Re: Democratic senator proposes $1,000 account for every child at birth, paid for by

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Originally Posted by Hairy Jello View Post
Can anyone name a current successful socialist country?
I wouldn't hold your breath on that one seeing how there isn't. Although many leftists will probably use the "But those aren't real socialists" line to claim there aren't any socialist countries.
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