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I can’t believe his implementing this!

This is one of my pet ideas to equalize and redistribute wealth.

Fundamentally I believe one of the worst aspects of capitalist societies is the tendency of capital to concentrate to already well off capital owners.

I believe the best way to beat this inherent defect in capitalism, is for the state to manage a fund for every child born and slowly hand over control to the individual.

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These accounts are not great. Taxable going in and taxes on growth. Worse than a 401k. Worse even than a $1000 direct payment to new parents.

Its a free thousand dollars that is guaranteed for every child and will grow over time, the account structure may not be ideally structured for tax liability, but the alternative is not having this?

So these accounts are great compared to what was before -> NOTHING

And this money is paid for from tax dollars so why would it matter if there is taxes paid on it later. If you elect to save more money for your children you can use whatever account structure you wish.

Exactly. I hope this will over time grow into something real.

Once the first step is taken, it’s easier to continue going.

This should be universal.

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