On May 14, the House Ways and Means Committee voted to advance “The One, Big, Beautiful Bill,” which contains President Trump’s tax priorities. One provision in the bill is a new savings option for children under age 8. If enacted, the tax-advantaged vehicles will be called Money Accounts for Growth and Advancement (MAGA). Eligible children will begin with a one-time deposit of $1,000 by the U.S. government. Funds would be inaccessible until the beneficiary turns 18, and annual contributions would be capped at $5,000 annually. To qualify, a child must be a U.S. citizen at birth and have a Social Security number. The bill now goes to the House Budget Committee.
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