One of the more interesting proposals in the new spending bill is the idea of creating a $1,000 savings account for every baby with a Social Security number. The accounts are officially called money account for growth and advancement, giving them the initials MAGA, matching the acronym for the Trump-led Make America Great Again movement.

The legislation includes a provision to create a new tax-advantaged savings vehicle called the Money Account for Growth and Advancement, or what's being referred to as a "MAGA" account. These accounts,

The House of Representatives is moving along on a bill that would extend many cuts in the tax law passed during President Donald Trump’s first term—and do more. Among the surprise inclusions are tax-advantaged “MAGA” accounts for children.