A “MAGA” bank account for children has been proposed under President Donald Trump‘s new major budget bill.
The savings account name, which the bill says stands for “money account for growth and advancement,” shares an acronym with Trump’s slogan “make America great again.”
The bill’s own name, “THE ONE, BIG, BEAUTIFUL BILL” in all capital letters, is a further nod to Trump and his label for the proposed legislation. It features numerous provisions drawn directly from Trump’s campaign trail pledges.
Why It Matters
The name of the account, and the wider bill, adds a layer of symbolic branding that seeks to link benefits in the bill directly to Trump’s political identity.
Such efforts strongly suggest President Trump’s influence is entrenched in GOP’s legislative direction.
House Republicans have been facing increasing pressure to pass lasting tax legislation, which the president vowed would be a priority throughout his election campaign.
What to Know
The MAGA account proposed in the bill is a tax-advantaged savings option and can be opened for children under the age of 8, who then won’t gain access until they turn 18.
The federal government would contribute $1,000 to accounts for children born between 2025 and 2028, the bill states. Contributions are capped at $5,000 per tax year.
It represents just one part of an enormous bill which includes several key priorities.
The bill currently proposes at least $4.9 trillion in tax cuts—including helping tips, overtime wages, and retirement-age Americans—partly paid for with cuts to Medicaid, food stamps and green energy programs.
It would also private universities with a new tax of up to 21 percent on their endowments. Harvard University is now largely reliant on its huge endowment in its legal battle against the Trump administration over its policies and teaching. Trump has cut Harvard’s federal funding and vowed to remove its tax-exempt status—a call Harvard has said has “no legal basis.”
A $4 trillion increase in the federal debt ceiling is included, a direct ask from Trump, who reportedly raised the issue in private for months to avoid a future budget standoff with Democrats, Politico reported.
What People Are Saying
President Donald Trump said on Truth Social: “When I return from the Middle East, where great things will happen for America, we will work together on any and all outstanding issues, but there shouldn’t be many — The Bill is GREAT.”
Senator John Cornyn, the Republican from Texas, told Politico on Monday: “I want to wait and see what the House actually passes because these at this point are just sort of ideas.”
Representative Chip Roy (R-Texas), wrote on X: “I sure hope House & Senate leadership are coming up with a backup plan…. ….. because I’m not here to rack up an additional $20 trillion in debt over 10 years or to subsidize healthy, able-bodied adults, corrupt blue states, and monopoly hospital ceos…”
What Happens Next
House Speaker Mike Johnson has set a Memorial Day deadline to stitch Trump’s massive bill together and pass it. The U.S. House tax-writing committee will take it up on Tuesday.
If passed by the House, the Senate is likely to reshape the bill before final approval.
The post ‘MAGA Savings Account’ Proposed For Children: What to Know appeared first on Newsweek.
