So-called MAGA accounts would do little to provide immediate financial relief to families and could worsen wealth inequality, researchers and family advocates said. They favored enhancing the child tax credit.

An expansion of the child tax credit and new “MAGA savings accounts” for children are among the proposals in President Donald Trump’s budget.

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.