WASHINGTON, D.C. — Yesterday, Semafor published an article about Senator Cruz’s bill, the Invest America Act, after the House advanced a version of the bill in the Ways and Means budget package. The legislation would ensure that every American child would receive a $1,000 private investment account at birth.
Read the full article here: The new Republican ‘MAGA Account’ has a surprising architect: Ted Cruz.
Key excerpts:
One of the most consequential new proposals in the House GOP’s massive tax plan may carry a Donald Trump-inspired name — but it’s Ted Cruz’s brainchild.
The “money account for growth and advancement,” otherwise known as a “MAGA Account,” surprised plenty of tax policy mavens when it appeared in the long-awaited Republican bill released on Monday. It popped up, however, thanks to more than a year of intraparty advocacy by the Texas GOP senator.
Cruz initially used the name “Invest America” for his idea to seed tax-advantaged investment accounts with $1,000 for every newborn baby with a Social Security number, naming it after the coalition of businesses and philanthropists pushing the idea. It got a Trump-friendly rebrand on its way to the House Ways and Means committee’s tax cut measure; Cruz doesn’t mind that at all.
Cruz attended the Milken Ideas Conference in Los Angeles last week and said there were “multiple CEOs enthusiastic about the transformational impact of this idea.” One potential way to leverage the accounts is a matched contribution from employers that would turn the newborn accounts into, essentially, a 401k for kids.
But getting the legislation in the party’s initial draft is a notable victory for Trump’s onetime presidential rival.
Read more here.
