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HR 1 - MAGA Account? —. $5,000 tax free account ?
U.S. Congress ^ | May 2025 | HR1 - 119th congress

Posted on 05/24/2025 10:11:07 AM PDT by FRinCanada2

https://www.congress.gov/119/bills/hr1/BILLS-119hr1rh.pdf

SEC. 110115. MAGA ACCOUNTS. (a) IN GENERAL.—Subchapter F of chapter 1 is amended by adding at the end the following new part: ‘‘PART IX—MAGA ACCOUNTS ‘‘SEC. 530A. MAGA ACCOUNTS. ‘‘(a) GENERAL RULE.—A MAGA account shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, such account shall be subject to the taxes imposed by section 511 (relating to imposition of tax on unrelated business income of charitable organizations). ‘‘(b) MAGA ACCOUNT.—For purposes of this section— ‘‘(1) IN GENERAL.—The term ‘money account for growth and advancement’ or ‘MAGA account’ means a trust created or organized in the United States for the exclusive benefit of an individual and


TOPICS: Reference
KEYWORDS: hr1; maga; onebigbill; tax; trust
Index for discussion
1 posted on 05/24/2025 10:11:07 AM PDT by FRinCanada2
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To: FRinCanada2

Wouldn’t the establishment of this trust cause inflation?


2 posted on 05/24/2025 10:27:49 AM PDT by Reddy (BO stinks)
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To: Reddy

Yes, and it’s vote buying as well.


3 posted on 05/24/2025 10:55:00 AM PDT by Lizavetta
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To: Lizavetta

There is a LOT in this Bill to digest. This is just ONE provision that caught my eye. — If this passes you can “Gift” tax-free $5,000 worth of “MAGA” approved stock to someone 18-31 years of age? Is this an accurate read?


4 posted on 05/24/2025 11:04:47 AM PDT by FRinCanada2 (https://t.me/beholdisraelchannel/47086)
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To: FRinCanada2
There is a LOT in this Bill to digest. This is just ONE provision that caught my eye. — If this passes you can “Gift” tax-free $5,000 worth of “MAGA” approved stock to someone 18-31 years of age? Is this an accurate read?

Sort of, but gifts are already exempted from taxes up to $13.99 million per individual. So this allows an "individual" to open a "MAGA" account for another individual under 18. The account is tax deferred, then taxed as capital gains when distributed. The eligible distributions are for education and a primary residence, and the account must be fully distributed by age 31.

5 posted on 05/24/2025 11:16:13 AM PDT by ETCM (“There is no security, no safety, in the appeasement of evil.” — Ronald Reagan)
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To: FRinCanada2; All
Thank you for referencing that article FRinCanada2.

"HR 1 - MAGA Account? —. $5,000 tax free account ?"


This is probably not the best time to do the following. But hopefully after a MAGA account, arguably a step in the right direction, we need to see the new 120th Trump Congress, new state legislatures too, that patriots elect in 2026, pass a referendum for successfully proposing a new amendment to the Constitution to the states to repeal the 16th (direct taxes) and 17th Amendments Amendments.

The 16th Amendment is the pot of gold at the end of the rainbow for organized crime. that amendment weakening our 4th Amendment protections imo, and desperately needs to be repealed along with the 17th Amendment, popular voting for federal senators.

We'll call the repeal amendment Trump's Boston Tea Party II Amendment.

Once unconstitutional federal taxing and spend is stopped, the states will ultimately find a tsunami of new revenues that they probably won't know what to do with imo.


6 posted on 05/24/2025 11:22:56 AM PDT by Amendment10
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To: FRinCanada2

No thanks. I just want to keep more of my own retirement money.


7 posted on 05/24/2025 12:45:30 PM PDT by mass55th (“Courage is being scared to death, but saddling up anyway.” ― John Wayne)
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To: Reddy; Lizavetta
Wouldn’t the establishment of this trust cause inflation?

Yes, and it’s vote buying as well.

This isn't a case of printing and giving away money. The gift giver (probably a relative) has already paid taxes on the gift. The gift receiver will pay capital gains taxes on the distributions, unless they are used for education or a home purchase, before age 31. Seems to be a little more flexible in some ways than a 529 plan, but the same idea.

8 posted on 05/24/2025 1:52:02 PM PDT by ETCM (“There is no security, no safety, in the appeasement of evil.” — Ronald Reagan)
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To: ETCM

Thanks for chiming in. There is so much to digest in this “Big Beautiful Bill”. I look forward to following the Senate debate on the many provisions—. Notably not a single Dem vote in the House I presume was not so much about what it does - but more about what it does NOT do that —- Things that the Dems would want added to get a single vote. ??

Or is there something IN it that is so “bad” in their view that not a single democrat could vote for it ??


9 posted on 05/24/2025 2:39:10 PM PDT by FRinCanada2 (https://t.me/beholdisraelchannel/47086)
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To: mass55th

As for retirement money. Are you talking pension income or retirement savings. Aka ROTH


10 posted on 05/24/2025 2:44:34 PM PDT by FRinCanada2 (https://t.me/beholdisraelchannel/47086)
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To: FRinCanada2

Never had a 401k, no savings whatsoever. I had to donate to my State pension. Had approximately 33 years with NY State’s retirement system. When I retired, I took the reduced amount so that if I died within 15 years, my two sons would get what was left. I screwed them out of that since I’m in my 22nd year of retirement now. Any money that was in my pension fund was depleted a while ago. I still get my pension and social security each month, but I support my youngest son who lives with me since returning from Indiana. He can’t work due to residual side effects of colon cancer and chemo. He receives social security disability of less than a thousand a month. Has Medicare and pays for supplemental insurance that includes scripts of which he takes many. He’s been recently diagnosed with Hypertrophic cardiomyopathy, and had major surgery last fall for an internal hernia and blockage. Two weeks after discharge, he ended up being readmitted for bleeding, which they repaired via endoscopy. He’s 54. He’s on a new medication that requires monitoring every four weeks, and which requires us to go to Rochester, NY, about 3 hours away. We’re heading there on Wednesday for his first follow-up after being on a new heart medication.


11 posted on 05/24/2025 3:31:23 PM PDT by mass55th (“Courage is being scared to death, but saddling up anyway.” ― John Wayne)
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To: mass55th

Copy all. Thanks for sharing your story


12 posted on 05/25/2025 1:06:55 PM PDT by FRinCanada2 (https://t.me/beholdisraelchannel/47086)
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To: FRinCanada2

“If this passes you can “Gift” tax-free $5,000 worth of “MAGA” approved stock to someone 18-31 years of age?”

Present gift tax exemption is $19,000 per year for any type of gift.

More if you fill out the right forms and don’t exceed $13.99 million lifetime.


13 posted on 05/25/2025 1:11:27 PM PDT by TexasGator ().'1'11\1I11111111111.1'11.'11/'~~'111./.)
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To: TexasGator

I believe the only “limits” for MAGA accounts is $5,000 for the recipient. I don’t see any limits and the gifter? Or would this be counted toward the 13.99m limit ?

If my read is correct there would be no limits on how much an individual can gift in aggregate. Just not more that $5,000 person or SSN. — this means HUMAN living person is different than the broader term “tax-Id” which can be an infinite number of “LLC’s”

Correct ?


14 posted on 05/26/2025 6:49:02 AM PDT by FRinCanada2 (https://t.me/beholdisraelchannel/47086)
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