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 Trump administration’s One, Big, Beautiful Bill contains a provision to create a savings account called by its MAGA acronym. The plan is to create and fund an investment account with $1,000 for every U.S. citizen born beginning in 2025. It has a long way to go, but this sort of savings account has been a politically popular idea historically.