Every newborn baby in America could soon be gifted with $1,000 under a new proposal contained in the “big, beautiful bill” that President Donald Trump is driving through Congress.
As first revealed in The Swamp, the Daily Beast’s must-read weekly D.C. newsletter, the MAGA savings account will be opened for every baby with a Social Security Number.
On April 2, The Swamp reported the plan for the government to invest the cash on a child’s behalf to provide them with a nest egg when they turn 18.
On Tuesday, GOP lawmakers unveiled the $1,000 windfall as a provision in the mammoth spending bill that Speaker Mike Johnson is navigating through Congress to finance the president’s Republican agenda.
Officially termed the “money account for growth and advancement,” the savings blueprint is better known as the “MAGA Account.”
Family, friends, and employers will be able to contribute $5000 a year into the accounts. The idea is that enough money will have accumulated by the time the child reaches 18 that they can pay rent, put a deposit on a house, spend on education, or start a business.
Several companies, including Uber, Dell, Nvidia, and Oracle, have said they will invest in the plan.
“It’s how Trump sees himself,” a source told The Swamp. “He wants to be remembered as the president who made the country wealthy again, and he thinks this will help make him the most popular in history.
“It’s more about his legacy,” said the insider. “He wants people to like him, and he knows that people like money.”
Texas Senator Ted Cruz helped push the “Invest America” idea into the tax plans included in the bill laid out for a vote in the Ways and Means Committee.
He said the account is like a 401 (k) for children.
“You can call it anything you like. What is powerful is enabling every child in America to have an investment account and a stake in the American free enterprise system,” Cruz told Semafor in an interview on Monday, confirming the plan.
“There are many Americans who don’t own stocks or bonds, are not invested in the market, and may not feel particularly invested in the American free enterprise system. This will give everyone a stake,” Cruz added.
The idea has even garnered some support from Democrats.
“Overall, right now, when it comes to helping working families with the expenses of life, there are precious few examples when it comes from Republicans,” Senate Minority Leader Dick Durbin told Semafor. But he added that “even a stopped watch” is right twice a day.
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