How ‘Trump Accounts’ With $1,000 Savings for Babies Would Work

The multi-trillion dollar tax and spending bill moving through Congress includes an unusual provision: the creation of a new savings vehicle dubbed “Trump accounts” that would be seeded with $1,000 for each American baby born in the next few years.

The funds were originally known as “MAGA Accounts” but renamed in the legislation narrowly approved by the House of Representatives in May. Under the bill, now under consideration by the Senate, the accounts would be invested in US equities and locked up until the child turns 18. They’re meant to defray the costs of higher education, training programs, ...