In an early-morning session Thursday, the House of Representatives passed President Donald Trump’s landmark tax reform package, which includes the creation of special savings accounts for children that will receive an initial $1,000 federal contribution.
Dubbed “Trump Accounts,” these savings vehicles were previously introduced under the name “Money Accounts for Growth and Advancement” — also referred to as “MAGA Accounts.” The funds in these accounts can later be used toward educational pursuits, purchasing a first home, or starting a small business.
While the House has now given the green light to the legislation, it still awaits potential amendments or resistance in the Senate before becoming law.
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