Brainchild behind $1000-per-baby MAGA tax credit revealed
Cruz's proposal, the 'Invest America Act,' would provide each U.S. child with a $1,000 seed investment from the federal government. The account would be tax-exempt until the child turns 18, after which the funds would be subject to capital gains taxes. 'The Invest America Act will trigger fundamental and transformative changes for the financial security and personal freedoms of American citizens for generations,' Cruz said in a statement.
'Every child in America will have private investment accounts that will compound over their lives, enhancing the prosperity and economic participation of the vast majority of Americans.' Family, friends and businesses would be allowed to invest up to $5,000 per year into the accounts. The investments can be placed in a 'broad, low-cost fund that tracks the S&P 500, growing tax-deferred until the individual reaches age 18,' the press release announcing the measure states. And the investment accounts for America's children could come as soon as this year, as Congress has included provisions to create 'MAGA accounts' in President Donald Trump's 'big, beautiful bill' that is expected to come up for a vote this summer.
According to an early copy of Republican's 'beg, beautiful bill' text, the 'MAGA Accounts Contribution Pilot Program' would create $1,000 accounts given to parents with qualifying children. Cruz is confident that his bill could be 'one of the landmark achievements' of this Congress. Those eligible for the program must have a child, that is a U.S. citizen, born after December 31, 2024 and before January 1, 2029, according to the bill text. The bill, which will be negotiated between Republicans and Democrats on the House Ways and Means Committee, still could be stripped from the final package, however.
On Tuesday the committee is expected to markup their nearly 400-page portion of the 'big, beautiful bill,' and during this back-and-forth the 'MAGA accounts' provision could be taken out. 'The case I made to my colleagues is: We should ask ourselves in this bill, what will be the legacy that people will remember and talk about 10 years from now, 20, 30, 40 years from now?' Cruz told Semafor of his effort. Prominent business leaders have also lined up behind the investment accounts.
'Invest America accounts are central to the Main Street Agenda — pulling every kid off the sidelines and putting them squarely in the game,' Brad Gerstner, Founder, Chairman, and CEO of Altimeter Capital, said, in a statement. 'When everyone realizes they can be an owner, it unites our country around free-market principles and unleashes the next generation of American success.'
Founder of Dell Technologies, Michael Dell (pictured), also voiced support for the measure in a statement. 'Invest America accounts put every child in the front row of our economy,' he said. 'When the power of compounding meets the energy of young minds, we're not just growing portfolios—we're fostering the next generation of builders, dreamers, and doers who will keep America leading the world.'
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