HR 3407 creates MAGA accounts, a new child savings account with tax benefits for education, business, and homebuying. Kids born 2025-2028 get a free $1,000 deposit from the federal government to start their account.
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Money Accounts for Growth and Advancement Act is a House bill in committee. The latest recorded action: Referred to the House Committee on Ways and Means.
Latest action on H.R. 3407: Referred to the House Committee on Ways and Means.
Who this affects: This bill primarily affects families with young children, especially those born after 2024. It also impacts financial institutions that would serve as trustees, charities that want to fund children's accounts in bulk, and the IRS which must administer the new accounts and pilot program.
Why this matters: This bill could change how American families save for their children's futures by creating a standardized, low-cost investment vehicle with meaningful tax breaks. The $1,000 starter contribution means even families who cannot afford to save would have a base investment growing for their child. However, the money is tied to stock market performance with no guarantees, and the benefits may be most useful to families who can afford to make additional contributions.
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