Trump's 'big, beautiful bill' includes $1,000 'MAGA accounts' for kids

8 hours ago 2

John L. Dorman

Mon, May 12, 2025, 1:41 PM 2 min read

House Republicans connected Monday released a draught of the immense taxation measure that Trump wants Congress to pass.
Included successful the draught is simply a aviator programme for "MAGA accounts," fundamentally savings accounts for kids.
Republican Sen. Ted Cruz of Texas has been a beardown proponent of the idea.

The "big, beauteous bill" that aligns with President Donald Trump's broader economical docket and was unveiled by House Republicans connected Monday includes a alleged "MAGA" savings accounts for kids.

Within the bill's draught is the instauration of "Money relationship for maturation and advancement" accounts, oregon "MAGA accounts," laying retired a aviator programme to motorboat the accounts with $1,000 each.

GOP Sen. Ted Cruz of Texas precocious talked astir the program with Semafor aft helium pushed the thought to his chap Republicans arsenic they attended a enactment retreat earlier this month.

"The lawsuit I made to my colleagues is: We should inquire ourselves successful this bill, what volition beryllium the bequest that radical volition retrieve and speech astir 10 years from now, 20, 30, 40 years from now?" Cruz said astatine the time.

The high-profile blimpish and onetime Republican statesmanlike campaigner besides told Semafor that specified accounts could "begin the travel of savings" for galore Americans, with those individuals reaping the advantages of compound involvement years later.

In the House bill, the point is listed arsenic the "MAGA Accounts Contribution Pilot Program." The program would springiness parents with a qualifying kid a "one-time recognition of $1,000" that'd beryllium payable into the child's account.

To beryllium eligible for the program, the kid indispensable beryllium a US national "at birth," person a Social Security number, and person a birthdate aft December 31, 2024, and anterior to January 1, 2029.

In the House bill's draft, the MAGA accounts are specified arsenic being "exempt from taxation."

The programme is reminiscent of the "baby bonds" connection from Democratic Sen. Cory Booker of New Jersey, who pitched the thought of granting $1,000 to US babies successful savings accounts successful bid to assistance make a fiscal foothold for them aboriginal successful life. Booker precocious the thought arsenic portion of his 2020 statesmanlike campaign.

Alongside Booker, Democratic Rep. Ayanna Pressley of Massachusetts was besides a beardown advocator of the "baby bonds" plan, which was pitched arsenic a mode to adjacent the radical wealthiness gap.

Read the archetypal nonfiction connected Business Insider