MAGA Accounts also known as money account for growth and advancement accounts is a HUGE sleeper provision in the tax bill that is set up for a Committee Markup today.
The bill establishes a private tax-advantaged account with a $1,000 seed investment from the federal government for every American child at birth. [...] Each Invest America account will be open to contributions from individuals, family members, friends, and businesses up to $5,000 annually. The account investments can be placed in a broad, low-cost fund that tracks the S&P 500, growing tax-deferred until the individual reaches age 18. Distributions after age 18 would be taxed at the capital gains rate.
Factoring in maxing out an account and 7% growth would result in over $100k in the account by the age of 18 and even better is that by the age of 35 this number would hit $700k. This will easily help tackle the issue of not only cost of schooling and people graduating in debt but also with home ownership and starting businesses!