By Libby Emmons | The Post Millennial
The Trump administration’s One, Big, Beautiful Bill currently making its way through Congress is being touted as pro-family legislation by the White House, in no small part because of the provision for MAGA baby savings account. This allows families to take a tax deduction in order to use that money to set up savings accounts for their babies.
White House Press Secretary Karoline Leavitt spoke about the provision during an early morning briefing, saying “This one big, beautiful bill is also pro-family. It will increase the child tax credit to $2,500 per child, establish optional savings account for newborn babies with a $1,000 credit added and strengthen paid family leave.”
“This bill also delivers historic tax relief to America’s seniors by allowing middle and low income Social Security recipients to deduct an additional $4,000 in payments from their taxable income,” Leavitt continued. “If Democrats get their way and the Trump tax cuts are not extended, Americans will face the largest tax hike in history to the tune of $4 trillion.