A baby gift from Uncle Sam? Sen. Ron Wyden (D-Ore.) wants to create federal legislation that would set up a universal savings account for children born in the U.S.

Each newborn would get a $500 savings account as part of a major revamping of the country’s tax code.

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Wyden said universal savings accounts would “really put a dent in the poverty rate,” calling the country’s current tax code a “dysfunctional, rotten mess of a carcass.”

There are several similar initiatives on state and local levels.

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City officials in San Francisco offer kindergarten students $50 deposited into a trust fund in the city’s name.

A panel discussed Wyden's proposal with Neil Cavuto.

“That won’t get you a semester in community college 20 years from now,” Charles Payne said, calling the proposal “disingenuous.”

Ben Stein said he believes people should have to work for their money.

Watch the full panel discussion above.