Each year the federal government provides hundreds of billions of dollars in incentives for families to save and build wealth through the tax system. Low-income families, however, are not eligible for most of these tax incentives because they are poor. Low income families, like any other household, need to save to gain economic mobility and financial stability. Research has also shown that despite their low incomes, poor families can and do save when presented with the right incentives and methods to do so.

The Saver's Bonus Act, introduced in 2008, directly addresses this issue by using the federal tax system to provide a monetary incentive for low-income families to save. Low-income families would receive a dollar for dollar match for each dollar that they contribute to a designated savings product, up to a maximum of $500 a year. Families would apply for the Saver's Bonus at tax time on their federal income tax form. The bonus would then be deposited directly into the savings product.