Calif Proposal To Give $500 to Each Newborn Regardless Of Immigration Status
Legislation unveiled Wednesday would provide a tax-free, long-term investment account to every baby born in California, regardless of the parents' financial or immigration status. The idea is to persuade more families to invest for the future, beginning when their children are infants.
The proposed account, called Kids Investment and Development Savings, or KIDS, is meant to grow until the child turns 18 and could withdraw the money for a house, education, vocational training or to roll over into a retirement account.
It is estimated that it will cost California taxpayers over $280 million a year for the over 500,000 births a year. Births are expected to reach over 600,000 by 2015. With families contributing $50 a month the investment would reach over $17,000 when the child reaches 18.
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We find this proposal insane & hope it will be defeated. California is already deeply in the red with its budget deficit. Adding $280 million a year is not a luxury taxpayers can afford. Nor is it fair to those taxpayers without children.
Beyond this, illegal alien parents of children should not be further rewarded for breaking the laws of our country. And it will only be a further inducement for illegals to cross the border so they can drop more newborns on the taxpayers.
We pity anyone living in California. Besides quickly becoming Mexifornia, California is spiraling down to a 3rd-world status, thanks to the free spending legislators in the state.
The proposed account, called Kids Investment and Development Savings, or KIDS, is meant to grow until the child turns 18 and could withdraw the money for a house, education, vocational training or to roll over into a retirement account.
It is estimated that it will cost California taxpayers over $280 million a year for the over 500,000 births a year. Births are expected to reach over 600,000 by 2015. With families contributing $50 a month the investment would reach over $17,000 when the child reaches 18.
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We find this proposal insane & hope it will be defeated. California is already deeply in the red with its budget deficit. Adding $280 million a year is not a luxury taxpayers can afford. Nor is it fair to those taxpayers without children.
Beyond this, illegal alien parents of children should not be further rewarded for breaking the laws of our country. And it will only be a further inducement for illegals to cross the border so they can drop more newborns on the taxpayers.
We pity anyone living in California. Besides quickly becoming Mexifornia, California is spiraling down to a 3rd-world status, thanks to the free spending legislators in the state.
posted by Francis Lynn at 7:07 PM
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