MORIAH BALINGIT Education Writer.

A House Republican proposal backed by President Donald Trump would set up tax-deferred investment accounts with $1,000 for infants born across the U.S. It builds on the concept of baby bonds, which some cities have begun introducing as a way to reduce gaps between wealthy people and poor people. But while other programs generally target disadvantaged groups, this one would be available to families of all incomes. Critics say the accounts would worsen inequality. Trump’s Republican administration says the accounts would “empower American children to reap the American Dream with a strong financial foundation.”