What are those $1000 MAGA accounts leftists hate because they prove their
Posted by Austin Powerz on 7/6/2025, 15:36:20
"Tax cuts for the rich" meme is yet another leftist lie?
The “Trump savings accounts” were previously known as “Money Accounts for Growth and Advancement” or “MAGA Accounts,” a nod to Trump’s “Make America Great Again” slogan, before Republican lawmakers in the House renamed them just before passing the bill.
Under the Big Beautiful Bill passed guidelines, the accounts will begin with a tax-free US Treasury Department funded $1,000 in investment accounts for children born in the U.S. between Jan. 1, 2025 and Jan. 1, 2029.
Newborn children born to American Citizens will be automatically enrolled in the program at birth.
Parents or other account custodians can place up to an additional $5,000 in post-tax contributions annually into the accounts, which will be invested in index funds tracking the broader U.S. stock market.
Funds can be withdrawn beginning after the newborn's 18th birthday for qualified purposes of education, home down payment or small-business capital at long term Capital gains tax rates.