The Republican tax bill that is being discussed today in the House Ways and Means Committee proposes a new savings account for young children that comes with $1,000 in seed money from the government.

The federal government could auto-enroll your kid in a tax-advantaged ‘MAGA savings account’ if the latest House GOP tax plan becomes law.

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.