By Molly Claire Goddard
8:22am PDT, May 14, 2025
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Donald Trump's big ideas just keep on coming.
On Monday, May 12, a draft was
released by the House Ways and Means Committee about the commander-in-chief's "big, beautiful bill" to create "MAGA accounts" for children as young as less than a year old to save money for when they're older.
Keep reading to hear about the money Trump wants to give to newborns…
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Per the proposal, Donald Trump wants to hand over a "one-time credit of $1,000″
to the parents of every child with a Social Security number born between the beginning of 2025 and the end of 2028. The amount will be put into the little one's "MAGA account" and will accumulate in value over time. The money will also reportedly be "exempt from
taxation" from the government with the goal of them having tens of thousands of dollars when they grow up.
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Republican Senator Ted Cruz praised the proposal and how it will help shape the future of United States citizens. "There are many Americans who don't own stocks or bonds, are not invested in the market and may not feel particularly invested in the American free enterprise system," he explained in a Monday, May 12, interview. "This will give everyone a stake."
"You see a lot of young people who in public opinion surveys, say they have a negative view of capitalism and they embrace socialism," the right-wing politician said. "And what is powerful about this is, when every child has invested, it's no longer an abstract idea. This is essentially a 401k for every newborn in America and just like with 401ks, employers have seen it is a very attractive benefit for their employees to match or help seed those savings accounts. What is powerful is enabling every child in America to have an investment account and a stake in the American free enterprise system."
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Donald Trump has been highly criticized for the high value he's placed on
money after retaking office in January.
During the Friday, May 10, episode of the "Pivot"
podcast,
Scott Galloway claimed the businessman and the people closest to him have made $3 billion from cryptocurrency over the past few months in Washington, D.C. "This first hundred days of the Trump administration, mostly using the vehicle of the Trump coin, will go down in history as the greatest grift in the history of our economy, in terms of the amount of money stolen and the size of it over the shortest period," he alleged. "Just some data here. So, Trump-affiliated entities have made at least $300 million. This is distinct from the value of his stake in Trump coin and trading fees."
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It's not only Donald Trump allegedly raking in the cash. Scott Galloway said his wife
Melania Trump's bitcoin venture and the rest of the family's investments have put the administration's ethics into jeopardy.
"The Trump family's net worth has increased by $3 billion or a billion dollars a month since he took office. Just some timeline," the marketing professor alleged. "The
Trump coin launched on a Friday night under the cover of dark with all the news about the inauguration. By 3 a.m. on Sunday, it was valued at more than $70 billion and there were a small number of coins, a small number of investors who made large investments on a Friday. Maybe they got a tip or something. They made tens, if not hundreds, of millions. Then, over the course of the next couple weeks, about 800,000 smaller investors lost billions."
