American Opportunity Accounts Act

Hozzl · 2023-12-20T05:15:28Z

Explore the details of Senate Bill 441 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.

12/20/2023, 5:15 AM

Summary of Bill S 441

The American Opportunity Accounts Act, also known as Bill 118 s 441, is a piece of legislation introduced in the US Congress. This bill aims to create savings accounts for children at birth, with the goal of providing them with financial resources to pursue higher education, homeownership, or starting a business in the future.

Under this act, every child born in the United States would receive an initial deposit of $1,000 into their American Opportunity Account. Additional contributions would be made annually, with lower-income families receiving larger contributions. The funds in these accounts would be invested in low-risk, interest-bearing accounts to grow over time.

The American Opportunity Accounts Act also includes provisions for financial education and counseling for families to help them make informed decisions about how to use the funds in the accounts. The bill aims to address wealth inequality and provide all children with the opportunity to build assets and achieve financial stability. Overall, the American Opportunity Accounts Act seeks to promote economic mobility and provide all children with the resources they need to succeed in the future. It is currently being debated in Congress, with supporters praising its potential to reduce poverty and increase access to higher education and homeownership.

Congressional Summary of S 441

American Opportunity Accounts Act

This bill establishes tax-exempt American Opportunity Accounts to provide children at birth with a $1,000 savings account with annual contributions up to $2,000 depending on family income. The accounts are available to children at age 18 for specified purposes, including educational expenses, home ownership, and investment that provides long-term returns.

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Current Status of Bill S 441

Bill S 441 is currently in the status of Bill Introduced since February 15, 2023. Bill S 441 was introduced during Congress 118 and was introduced to the Senate on February 15, 2023. Bill S 441's most recent activity was Read twice and referred to the Committee on Finance. as of February 15, 2023

Bipartisan Support of Bill S 441

Total Number of Sponsors

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Total Number of Cosponsors

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Policy Area and Potential Impact of Bill S 441

Primary Policy Focus

Taxation

Potential Impact Areas

Advisory bodiesCongressional oversightEmployee benefits and pensionsExecutive agency funding and structureFinancial services and investmentsGovernment studies and investigationsGovernment trust fundsHigher educationHousing finance and home ownershipIncome tax exclusionInflation and pricesSecuritiesStudent aid and college costsTax administration and collection, taxpayersVocational and technical educationWages and earnings