US EditionA MAGA savings account? Little to do with Trump, everything to do with children
- House Republicans introduced legislation called the Big Beautiful Bill that includes MAGA savings accounts for children born after 2024 in the U.S.
- The bill creates accounts funded by a one-time $1,000 government deposit and annual contributions capped at $5,000, with funds growing tax-free until age 18.
- These accounts are included within a larger $4.9 trillion tax reduction plan aimed at benefiting workers and retirees, which is partially financed by reductions in funding for Medicaid, nutritional assistance programs, and environmental initiatives.
- Senator Ted Cruz encouraged his colleagues to reflect on the bill’s enduring impact, questioning how it will be viewed and discussed decades into the future.
- The bill's provisions could offer children financial growth opportunities, but its financing through social program cuts has drawn political scrutiny and debate.
22 Articles
22 Articles
Kids will get $1k payment under new MAGA savings plan but there's strict window
CHILDREN could be getting a $1,000 payment under a new plan to help families set their kids up for success. The MAGA payments, short for Money Account for Growth and Advancement, are part of a massive Republican-backed tax and spending bill that is making its way through the legislature. GettyRepublicans have proposed a bill that would give $1,000 to US-born children (stock image)[/caption] The proposal aims to help families set their children u…
Cruz’s ‘MAGA accounts’ plan for newborn investments gains traction
A new bill introduced by U.S. Sen. Ted Cruz, R-Texas, would give every American newborn a cash investment from the federal government at birth. The Invest America Act would create a private, tax-advantaged account for each newborn, funded with an initial $1,000 contribution. What is the Invest America Act? The House of Representatives included it in a budget package from the House Ways and Means Committee on Monday, May 12. “Every child in Amer…
A MAGA savings account? Little to do with Trump, everything to do with children
When you hear MAGA, perhaps you think of the slogan used at President Donald Trump's rallies or the distinct red hats worn by his supporters. A new tax bill introduced in Congress, however, uses MAGA to refer to savings accounts for children.In this context, MAGA stands for Money Account for Growth and Advancement. This proposal offers every American born from 2025 to 2028 a $1,000 deposit into their own dedicated savings account. These accounts…
MAGA takes on new meaning in proposed tax bill: An investment for kids
When you hear MAGA, perhaps you think of the slogan used at President Donald Trump's rallies or the distinct red hats worn by his supporters. A new tax bill introduced in Congress, however, uses MAGA to refer to savings accounts for children.In this context, MAGA stands for Money Account for Growth and Advancement. This proposal offers every American born from 2025 to 2028 a $1,000 deposit into their own dedicated savings account. These accounts…
Trump-backed tax bill would expand child tax credit, establish ‘MAGA accounts’ for kids
An expansion of the child tax credit and new “MAGA savings accounts” for children are among the proposals in President Donald Trump’s budget. By making the 2017 Tax Cuts and Jobs Act — a landmark accomplishment of Trump’s first term — permanent, the annual tax credit families can claim per child would increase from $2,000 to $2,500 through 2028, and reverts back to $2,000 after 2028. The child tax credit would drop back to $1,000 annually per ch…
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