Sen. Cory Booker (Getty Images/Sean Rayford)

A “baby bonds” bill to give up to $46,215 of taxpayer money to every baby born as a “birthright” is being pushed by Sen. Cory Booker (D-NJ) and Rep. Ayanna (D-Mass.).

The bill, formally known as The American Opportunity Accounts Act, failed when introduced in Congress last year. Under the bill, the Treasury Department funds and manages savings accounts for every child born, with poorer families getting more money than more prosperous ones, Yahoo! Finance reports:

As a “birthright,” the bill proposes, every child would be given a $1,000 savings account. Each year, the government would deposit as much as $2,000 into the account, depending upon the family’s income level. The poorer the family, the more money the child would get. Funds would be deposited into “low-risk” accounts managed by the Treasury, which the bill assumes would see roughly 3% returns a year. By age 18, America’s poorest children — those from families with incomes of less than $25,100 for a family of four, would receive $46,215 (in 2019 dollars). The richest — those in families with incomes over $125,751 — would only get $1,681 at time of maturity.

The account would be inaccessible to the children until they reach the age of 18, after which they could spend it only on certain approved expenditures, like home purchases, tuition, and job-related education.

The government would manage the funds in the accounts by making low-risk investments that would provide an expected annual average yield of approximately three percent.

The proposal, which would cost taxpayers an estimated $60 billion annually, would be funded by tax increases, Sen. Booker says.