Trump's Tax Bill Expands Child Benefits With $2,500 Credit And $1,000 Savings Boost For Babies Born Through 2028

Trump's proposed “big, beautiful bill” would increase the child tax credit, according to Benzinga. The proposed legislation includes a temporary bump to the child tax credit, increasing it by $500 to $2,500 per child. The bill introduces "MAGA" accounts, a savings program providing $1,000 government deposits for children born between 2024 and 2028. Families can contribute up to $5,000 annually, with limited access until age 18 and full access by 30. While the tax benefits aim to help millions of families, the multitrillion-dollar package has drawn sharp criticism for proposed cuts to Medicaid, food stamps, and clean energy programs. The bill includes a $235 billion estate tax break for the wealthiest 0.2% and has triggered internal GOP divisions.