TRENTON, NJ – Cory Booker’s baby bonds program didn’t win him the Democratic party’s nomination for President, but it did resonate with New Jersey Governor Phil Murphy. As part of the governor’s $1,000,000 tax hike, Murphy said every baby born in 2021 to moderate or low-income families will be given a $1,000 bond, paid for by the taxpayers on New Jersey.
Notably, the budget includes a new proposal – advanced at the federal level by Senator Cory Booker and prominent economists – to launch a statewide Baby Bonds initiative, which will provide a $1,000 deposit for the approximately 72,000 babies born in 2021 into families whose income is less than 500 percent of the Federal Poverty Level, or $131,000 for a family of four. When these residents turn 18, they can withdraw these funds to help them pursue higher education, buy a home, start a business, or pursue other wealth-generating activities. This will assist three of four children born in New Jersey.
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