$1,000 MAGA savings accounts for children part of Trump budget bill: Who would qualify?
New legislation from House Republicans includes a provision that would establish savings accounts for children in the U.S.
Titled “The Big Beautiful Bill,” the Trump-backed legislation includes so-called “MAGA (Money Account for Growth and Advancement) accounts” for kids. The accounts would be funded through a one-time credit of $1,000 payable into a child’s account. Over time, the account is designed to grow in interest and value through investments.
To be eligible, a child would be required to be a U.S. citizen “at birth,” have a Social Security number and have a birthday after Dec. 31, 2024 and prior to Jan. 1, 2029.
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The accounts would grow tax free and contributions would be capped at $5,000 per year.
Children would not have access to the account until they turn 18.
The accounts are part of some $4.9 trillion in tax cuts on things such as tips and overtime pay and retirement-age Americans funded partly with cuts to Medicaid, food stamps and green energy programs.