13-05-2025
How ‘MAGA Accounts' With $1,000 Savings for Babies Would Work
The $4 trillion tax bill released May 12 by House Republicans, which sets the stage for a Congressional battle over President Donald Trump's key economic legislation, includes an unusual provision: the creation of a new savings vehicle dubbed 'MAGA accounts' that would be seeded with $1,000 for each American baby born in the next few years.
The funds, which would be invested in US equities and locked up until the child turns 18, are meant to defray the costs of higher education, training programs, small business loans or first-time home purchases. The idea, according to the text of the bill, is to promote 'financial security.'
