Senator Schumer Proposes Baby Bonus For 2010 Babies

07.09.09 | FL News Team

U.S. Senator Charles Schumer is proposing a "baby bonus." He wants every child born next year to receive a 500-dollar bonus from the federal government. The senator unveiled the proposal to make the 500-dollar payments a permanent federal program to help people save money for such things as college, a home or retirement, starting from the moment they're born. The program would match, dollar-for-dollar, contributions up to 500 dollars a year, tax-free, to the fund. The child cannot touch the money until he or she is 18. Schumer will introduce the legislation sometime next week as a stand-alone bill or as part of Social Security reform.