American Opportunity Accounts Act

Hozzl · 2023-12-15T15:54:40Z

Explore the details of House Bill 1041 American Opportunity Accounts Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 3:54 PM

Summary of Bill HR 1041

The American Opportunity Accounts Act, also known as Bill 118 hr 1041, is a piece of legislation introduced in the US Congress. This bill aims to create a program that would provide every newborn in the United States with a savings account, known as an American Opportunity Account. These accounts would be funded by the federal government with an initial deposit of $1,000, and additional contributions would be made annually based on the family's income.

The funds in these accounts would be able to be used for a variety of purposes, including education, homeownership, starting a business, or retirement. The goal of this program is to help low and middle-income families build wealth and achieve financial stability.

The American Opportunity Accounts Act has received bipartisan support, with proponents arguing that it would help address wealth inequality and provide opportunities for all Americans to build a better future. Critics, however, have raised concerns about the cost of the program and its potential impact on the federal budget. Overall, the American Opportunity Accounts Act is a proposed piece of legislation that seeks to create a program to provide financial assistance to newborns in the United States, with the goal of promoting economic mobility and wealth-building opportunities for all Americans.

Current Status of Bill HR 1041

Bill HR 1041 is currently in the status of Bill Introduced since February 14, 2023. Bill HR 1041 was introduced during Congress 118 and was introduced to the House on February 14, 2023. Bill HR 1041's most recent activity was Referred to the House Committee on Ways and Means. as of February 14, 2023