Policy
Asset ownership and protection is vital to the economic security of American families. When individuals own assets, such as a college savings account or a retirement plan, they are more likely to successfully weather unexpected financial events, plan for the future, and move up the economic ladder. Further, the current economic recession, caused in part by excessive household debt, highlights the importance of assets to the stability of the entire US economy.
The United States has a long history of asset-building policies that encourage people to acquire assets, such as a home, a business, and an education. Common examples include the home mortgage interest tax deduction, 529 College Savings Plans, and other tax-favored savings vehicles such as 401(k) plans and IRAs. Yet, these policies disproportionately benefit those households with greater resources and higher incomes, while leaving others with fewer incentives and less attractive ways to build wealth.
Past policies to democratize access to assets, such as the G.I. Bill and the Community Reinvestment Act, have yielded enormous benefits and returns on investment for the U.S. economy. Asset building coalitions and advocates across the country are now working to ensure that similar policies are expanded, strengthened, and directed toward the entire population.
General Resources:
CFED's Policy Agenda
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