In The New York Times' DealBook, Ackman says the wealth that upper-middle class and rich Americans generate from equity and other investments has far outpaced wage growth.
The billionaire is proposing a plan, called "Birthright," where the US government would give every American a stock investment upon birth.
Birthright funds would be invested at birth in zero-cost equity index funds, be prohibited from withdrawal until retirement, and compound tax-free for 65 years or more.
At historical rates of equity returns of 8% annually, a $6,750 at-birth retirement account would provide retirement assets of more than $1 million at age 65, Ackman wrote.
The American dream has become what Ackman called "a disappointment" for many — but he has a solution.
Ackman is proposing "a way for those with no investment assets to participate in the success of capitalism," he wrote in The New York Times' DealBook.
Yang says cash handouts wouldn't dampen people's work ethic but strengthen it, making the investment in Americans one with real returns. »
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