U.S. Budget & OBBB | OCT 1 - Gov’t Shutdown Begins
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Is that mealy-mouthed wimpy interviewer a younger Jake Tapper?
You actually think deficit spending and/or the debt matters to the American people?
How very Howard Baker of you.
Poor Howard. Good point. I suppose its on my mind due to the rise in bond rates yesterday. Seem like the ten year was above 5%. Plus the downgrade in our credit rating. The math is not working. In four years, this issue may matter to the American people simply because how its connected to everything and how the problem is starting to compound.
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Heather Cox Richardson
heathercoxrichardson.substack.com
May 21, 2025
Just after 1:00 this morning, the House Rules Committee began its hearing on what congressional Republicans have officially named The One Big, Beautiful Bill.
heathercoxrichardson.substack.com
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Trump promised to run the country like a business.
His casino business, apparently.
His casino business, apparently.
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Bill Would Give Newborns $1,000 in ‘Trump Accounts’
Bill Would Give Newborns $1,000 in ‘Trump Accounts’
The money would be invested on children’s behalf in the financial markets for them to use once they had grown up.
“…
The original draft called for the funds to be put into new a “money account for growth and advancement,” or, as the bill suggested they be called, a “MAGA account.”
Apparently, though, endowing the accounts with the name of President Trump’s political movement was not clear enough. As part of a series of last-minute changes House Republicans made to their broad fiscal package Wednesday night, they decided to just cut to the chase. The money would now be deposited in a “Trump account.”
Under the bill, children born between Jan., 1, 2025, and Jan. 1, 2029, would receive the money, which would be invested on their behalf in financial markets. Once they had grown up, they could withdraw the proceeds to pay for certain expenses, including going to college or buying a house. The child’s parents, or other third parties, could also contribute [after-tax] to the account.…”
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“… In the end, three Republicans who had objections to the bill chose to step aside. Andy Harris voted “present,” while two other Republican holdouts, Andrew Garbarino and David Schweikert, did not vote. If they had voted in opposition, they would have sunk the bill. …”
Bill Would Give Newborns $1,000 in ‘Trump Accounts’
Bill Would Give Newborns $1,000 in ‘Trump Accounts’
The money would be invested on children’s behalf in the financial markets for them to use once they had grown up.www.nytimes.com
“…
The original draft called for the funds to be put into new a “money account for growth and advancement,” or, as the bill suggested they be called, a “MAGA account.”
Apparently, though, endowing the accounts with the name of President Trump’s political movement was not clear enough. As part of a series of last-minute changes House Republicans made to their broad fiscal package Wednesday night, they decided to just cut to the chase. The money would now be deposited in a “Trump account.”
Under the bill, children born between Jan., 1, 2025, and Jan. 1, 2029, would receive the money, which would be invested on their behalf in financial markets. Once they had grown up, they could withdraw the proceeds to pay for certain expenses, including going to college or buying a house. The child’s parents, or other third parties, could also contribute [after-tax] to the account.…”
Good grief. Pure vanity to Trump. This will cost around 4 billion extra a year just to get his name on it.
And just what we need, another account or tax issue to keep up with. I assume the investment earnings will be tax free? Parents can't tap into it?
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No and maybe/mostly no. The earnings will be taxed on withdrawal, so this is not a tax advantaged account, but hey it is juiced with a $1,000 deposit. Parents can tap into it but I’ve seen conflicting details on the conditions for parents to use the funds for the minor child.
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“…
- Beneficiaries would pay long-term capital gains tax rates, which are far lower than the tax rates on regular income, if the money goes to qualifying expenses like education or a mortgage.
- It's less beneficial than a 529 plan, in which withdrawals are tax-free for a variety of educational expenses, and whose contributions might be eligible for state income tax deductions. …”