Latest news with #InvestAmericaAct
Epoch Times
4 hours ago
- Business
- Epoch Times
Officials, Business Leaders Discuss ‘Trump Accounts' at Invest America Roundtable
WASHINGTON—President Donald Trump held a high-profile business roundtable at the White House on Monday to highlight the 'Invest America Act.' The proposed legislation, introduced by Sen. Ted Cruz (R-Texas) would provide $1,000 in government-funded savings—dubbed 'Trump Accounts'—for every American child born between Jan. 1, 2025, and Dec. 31, 2029, with money reclaimed from welfare reforms that eliminate 'waste and fraud,' according to the president.
Daily Mail
14-05-2025
- Business
- Daily Mail
Brainchild behind $1000-per-baby MAGA tax credit revealed
Texas Republican Ted Cruz is behind the MAGA-embraced plan incentivizing parents to have more babies by providing them tax breaks for each child. It's been embraced by Donald Trump and included in his 'big beautiful bill' that is working its way through Congress. 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.' Want more stories like this from the Daily Mail? Hit the follow button above for more of the news you need.
Time of India
14-05-2025
- Business
- Time of India
Senator Ted Cruz proposes $1,000 federal investment account for every US newborn
File photo: Senator Ted Cruz (Picture credit: AP) US Senator Ted Cruz has introduced the Invest America Act , a new proposal aimed at boosting long-term financial security for Americans by giving every newborn child in the US a $1,000 investment from the federal government at birth. The money would be placed in a private, tax-advantaged account that tracks the S&P 500 index. According to a press release cited by Fox News, 'each Invest America account will be open to contributions from individuals, family members, friends, and businesses up to $5,000 annually.' These accounts would grow tax-deferred, with withdrawals allowed after the child turns 18 and taxed only at the capital gains rate. Cruz believes the measure could help transform how future generations build wealth. '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,' he said, adding that it would be remembered as a 'landmark achievement' of the Republican-led Congress. The launch of the Invest America Act comes amid growing national concern over the $36.2 trillion US federal debt . While some critics may raise questions about cost, around 3.6 million babies were born in the US in 2024, meaning the initial investment would cost roughly $3.6 billion annually, reported Fox 26 Houston. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Artificial Intelligence and Machine Learning For Working Professionals. BITS Pilani WILP Apply Now Undo The initiative gained momentum after a related pilot programme appeared in the House Ways and Means Committee's markup of tax reform legislation. Dubbed MAGA accounts , short for Money Accounts for Growth and Advancement, the pilot would make the $1,000 federal contribution available only to children born between 2024 and 2028, and only if they are aged 8 or younger. 'What is powerful is enabling every child in America to have an investment account and a stake in the American free enterprise system,' Cruz said, as reported by Semafor. The House Ways and Means Committee is set to review the broader legislative package, nicknamed 'The One, Big, Beautiful Bill,' on Tuesday. The inclusion of MAGA accounts in that bill is seen as a major win for Cruz and his supporters. If passed, the Invest America Act could create a new path for childhood financial literacy and investment, a move Cruz believes will secure 'fundamental and transformative changes for the financial security and personal freedoms of American citizens for generations,' as per Fox 26 Houston.
Yahoo
14-05-2025
- Business
- Yahoo
Ted Cruz supports Trump's ‘big, beautiful bill'
(NewsNation) — Sen. Ted Cruz, R-Texas, has defended President Trump's 'big, beautiful bill,' arguing it will create jobs and economic growth. The bill, which faces several hurdles before it could be enacted into law, would fundamentally affect every American, specifically altering how you do your taxes and what you pay, what you don't pay and how the government interacts with the military. 'We're going to have a big, bold, beautiful tax cut, as the president would say, but I think it will be a process to get there,' Cruz told 'On Balance.' Trump's 'big, beautiful bill' faces hurdles to become law Various Democrats have critiqued the bill, suggesting the cuts will do serious damage. Democratic House leader Hakeem Jeffries said Tuesday, 'The overwhelming majority of the benefits will go to the wealthiest 1%.' Qatar Airways to announce major purchase from Boeing during Trump's visit Specifics of the bill are expected to be written and edited in real time in three House committees and involve $4.5 to $5 trillion in tax cuts, $1.5 trillion in spending cuts over 10 years and increased spending on border security and national defense. Speaking to the proposed tax on tips, Cruz said, 'That is going to make a real difference for waiters and waitresses and bartenders and everyone who relies on tips.' He added that the working class would greatly benefit from the auctioning off of wireless spectrum, federal school choice and the 'Invest America Act,' where each American baby is given a $1,000 seed investment from the government at birth. 'At age 18, they'll have about $170,000, and at age 35, they'll have $700,000. Now, you want to talk about transforming society. That is generational wealth accumulation, giving every child in America the benefit of compounded growth,' Cruz added. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
14-05-2025
- Business
- Yahoo
Sen. Ted Cruz wants to give Americans $1K at birth to invest
The Brief Sen. Ted Cruz is proposing investment accounts with $1,000 provided by the government to be given to newborn babies. The accounts would be invested in an index fund that would follow the S&P 500 and could not be withdrawn from until the child turned 18. Deposits to the account would be limited to $5,000 per year. WASHINGTON - Sen. Ted Cruz wants American children to be given $1,000 to invest from the federal government at birth. The Invest America Act would put $1,000 from the government in an index fund that tracks the S&P 500. Additional contributions of up to $5,000 could be made annually, and the money would be tax-deferred. Money could be withdrawn after the child turns 18 and would be taxed at the capital gains rate. What they're saying "The Invest America Act will trigger fundamental and transformative changes for the financial security and personal freedoms of American citizens for generations," Cruz said. "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. When people years from now talk about the changes created by Republican efforts this Congress, this is one of the landmark achievements they will talk about." US birth rates have seen a steady decline over the past decade, according to numbers from the Centers for Disease Control and Prevention. By the numbers Preliminary data from 2024 shows just over 3.6 million children were born last year. The number was slightly up from 2023's 3.596 million births. Both numbers are still way off of 2014's nearly 4 million births. Based on 2024's numbers, an initial investment from the federal government into the accounts would cost around $3.6 billion dollars. Cruz scored a big win for the idea when the program showed up in the US House's Ways and Means Committee write-up on tax cuts and budgets. The program from the committee was renamed Money Accounts for Growth and Advancement or MAGA accounts. According to the Ways and Means Committee, the accounts would be made available for children 8 years old and younger, but only children born between 2024 and 2028 would be eligible for the $1,000 seed money. The Source Information on the Invest America Act comes from Sen. Ted Cruz. Information about U.S. birthrates comes from the Centers for Disease Control and Prevention. Information on MAGA accounts comes from the House Ways and Means Committee.
