Tax Exemption for Growth Accounts
Official: Money Accounts for Growth and Advancement Act
IntroducedMay 14, 2025
Why This Matters
This bill allows young people to save money in special accounts without paying taxes on the growth. It aims to encourage savings and financial growth for individuals under 18.
If you are under 18, you can save money in a tax-free account to help you grow your savings.
Affects: Young people under 18 who want to save money for their future.
What changes is this bill making?
1. This bill creates a new type of account called a MAGA account. 2. MAGA accounts are designed for individuals under 18 to save money without paying taxes on it. 3. Contributions to these accounts can only be made in cash and must be below a certain limit. 4. Account holders cannot withdraw money until they turn 18, with some restrictions until age 25. 5. The accounts can only invest in specific types of stocks that meet certain criteria.
Who is affected?
Young people under 18 who want to save money for their future.