Trump's 'big, beautiful bill' includes a Ted Cruz proposal for $1,000 'MAGA accounts' for American babies
- House Republicans on Monday released a draft of the huge tax bill that Trump wants Congress to pass.
- Included in the draft is a pilot program for "MAGA accounts," essentially savings accounts for kids.
- Republican Sen. Ted Cruz of Texas has been a strong proponent of the idea.
The "big, beautiful bill" that aligns with
President Donald Trump's broader economic agenda and was unveiled by House Republicans on Monday includes a so-called "MAGA" savings accounts for kids.
Within the bill's draft is the creation of "Money account for growth and advancement" accounts, or
"MAGA accounts," laying out a pilot program to launch the accounts with $1,000 each.
In the House bill, the item is listed as the "MAGA Accounts Contribution Pilot Program." The plan would give parents with a qualifying child a "one-time credit of $1,000" that'd be payable into the child's account.
To be eligible for the program, the child must be a US citizen "at birth," possess a Social Security number, and have a birthdate after December 31, 2024, and prior to January 1, 2029.
In the House bill's draft, the MAGA accounts are specified as being "exempt from taxation."