India, May 13 -- The House Republicans proposed Donald Trump's "big, beautiful bill" on Monday. The draft includes a pilot program for "money account for growth and advancement" or "MAGA" savings accounts for children with $1,000 each, according to Business Insider.

The proposed plan, spearheaded by Ted Cruz, would give every qualifying child a "one-time credit of $1,000." The amount would be payable into the child's "MAGA account" and would be "exempt from taxation."

The eligibility criteria for the program state that the child must be a US citizen "at birth," have a valid Social Security number, and must be born after December 31, 2024 and before January 1, 2029.

While the account proposed in the bill could be opened for kids under t...