The House of Representatives revealed the first draft of President Donald Trump's "big, beautiful bill" on Monday, and it includes seed money to be posted to "MAGA accounts" for children.
Semafor's Burgess Everett posted to X, "The Big Beautiful Bill establishes 'MAGA accounts' for kids -- idea of Sen. Cruz we reported on last week. Includes pilot program to start the accounts with $1,000."
The Semafor report quoted Cruz as saying, "The case I made to my colleagues is: We should ask ourselves in this bill, what will be the legacy that people will remember and talk about 10 years from now, 20, 30, 40 years from now?"
He suggested creating investment accounts for “'every child born in America to help them begin the journey of savings and benefit from the wonders of compound interest,' which they could tap into as adults."
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"The Texas Republican said it’s 'critically important' that Republicans include 'legacy items that make a profound difference' in their tax cuts bill," Semafor reported.
The "MAGA Accounts Contribution Pilot Program," as laid out in the House bill, permits any parent with a "qualifying child" to be "allowed a one-time credit of $1,000" payable into the child's "MAGA account."
Parents can "accept or decline" the account for their child.
The draft bill describes an "eligible individual" as "born after December 31, 2024 and before January 1, 2029," who is a U.S. citizen "at birth" and has a Social Security number.
Anyone who files an "improper claim" for a MAGA account will be fined $500 for negligence, or $1,000 for outright fraud.
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