Sec. 3. American Opportunity Fund

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There is established in the Treasury of the United States a fund to be known as the American Opportunity Fund . The American Opportunity Fund consists of the sum of all amounts paid into the Fund under this title, increased by the total net earnings from investments of sums held in the Fund or reduced by the total net losses from investments of sums held in the Fund, and reduced by the total amount of payments made from the Fund (including payments for administrative expenses).

The sums in the American Opportunity Fund are appropriated and shall remain available without fiscal year limitation— to make contributions to AO accounts; to invest under section 6; to make distributions in accordance with this title; to pay the administrative expenses of carrying out this title; and to purchase insurance as provided in section 8(c)(2). The sums in the American Opportunity Fund shall not be appropriated for any purpose other than the purposes specified in this section and may not be used for any other purpose.

The Secretary shall make transfers from the general fund of the Treasury to the American Opportunity Fund as follows: Upon receipt of a certification under section 4(b)(2) with respect to an individual born after December 31, 2021, the Secretary shall transfer $1,000 to the AO account of the individual. Each year which occurs after the year in which an AO account is established for an eligible individual and before the year the eligible individual attains the age of 18, the Secretary shall transfer the annual contribution amount to the AO account of the individual.

The annual contribution amount shall be the amount such that the annual contribution amount for any taxpayer whose household income is within an income tier specified in the following table shall decrease, on a sliding scale in a linear manner, from the initial amount to the final amount specified in such table for such income tier: In the case of household income (expressed as a percent of the poverty line) within the following income tier: The initial amount is— The final amount is— Up to 100 percent $2,000 $2,000 100 percent up to 125 percent 2,000 1,500 125 percent up to 175 percent 1,500 1,000 175 percent up to 225 percent 1,000 500 225 percent up to 325 percent 500 250 325 percent up to 500 percent 250 0 500 percent or more 0 0 For purposes of this paragraph— The term applicable household income means household income (as defined in section 36B(d) of the Internal Revenue Code of 1986), except that— with respect to any calendar year, the Secretary shall use the income of the second calendar year preceding the calendar year for which the contribution relates; and in determining household income the Secretary shall aggregate the income of married individuals filing separate tax returns.

In the case of any taxpayer who was not required to file a return of tax for the tax imposed by section 1 for the taxable year described in clause (i)(I) or for whom the information described in clause

(i)is not available for such year, such taxpayer shall be treated as a taxpayer with a household income which is less than 100 percent of the poverty line. Subclause

(I)shall not apply if the Secretary determines, based on such other information from any agency of the United States as the Secretary determines is reliable, that the taxpayer's household income for such year is 100 percent of the poverty line or greater. The term poverty line has the meaning given such term under section 36B(d) of the Internal Revenue Code of 1986. Section 6103(l) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: The Secretary shall disclose to officers and employees of the Department of Treasury or the American Opportunity Fund Board return information of any taxpayer whose income is relevant in determining any annual contribution to an American Opportunity Account under section 3 of the American Opportunity Accounts Act . Such return information shall be limited to— taxpayer identity information with respect to such taxpayer, the filing status of such taxpayer, the number of individuals for whom a deduction is allowed under section 151 with respect to the taxpayer (including the taxpayer and the taxpayer's spouse), the modified adjusted gross income (as defined in section 36B) of such taxpayer, of any spouse of such taxpayer who filed a separate return, and of each of the other individuals included under clause

(iii)who are required to file a return of tax imposed by chapter 1 for the taxable year, such other information as is prescribed by the Secretary by regulation as might indicate whether the taxpayer is eligible for such an annual contribution (and the amount thereof), and the taxable year with respect to which the preceding information relates or, if applicable, the fact that such information is not available. Return information disclosed under subparagraph

(A)may be used by officers and employees of the Department of Treasury or the American Opportunity Fund Board for the purposes of, and to the extent necessary in establishing eligibility for, and verifying the appropriate amount of, any annual contribution described in subparagraph (A). . Paragraph

(4)of section 6103(p) of such Code is amended by striking or

(22)each place it appears and inserting (22), or

(23). Not later than 2 years after the date of the enactment of this Act, the Comptroller General shall submit to Congress and the Secretary of Treasury a report on the feasibility and distributive impacts of a new measure for determining the amount of the annual contribution amount under this paragraph based on family wealth, total assets, and overall net worth. Such measure may— include financial assets, the value of family home, retirement accounts, business and entrepreneurial ventures, potential future inheritances, and any other assets or debts; and continue to factor in current or past income to the extent such information is useful in estimating overall household wealth. For each calendar year beginning after 2022, each of the dollar amounts under paragraphs

(1)and (2)(B)(i) shall be increased by such dollar amount multiplied by the cost-of-living adjustment determined under section 1(f)(3) of the Internal Revenue Code of 1986 determined by substituting calendar year 2021 for calendar year 2016 in subparagraph (A)(ii) thereof. If any amount adjusted under paragraph

(1)is not a multiple of $50, such amount shall be rounded to the next lowest multiple of $50. The American Opportunity Fund and AO accounts are wholly separate and unique from the Social Security system. No amount from any tax on employment may be contributed to the American Opportunity Fund or AO accounts.