Free Republic 2nd Qtr 2025 Fundraising Target: $81,000 Receipts & Pledges to-date: $79,800
98%  
Woo hoo!! And we're now over 98%!! Thank you all very much!! God bless.

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

    05/24/2025 10:11:07 AM PDT · by FRinCanada2 · 13 replies
    U.S. Congress ^ | May 2025 | HR1 - 119th congress
    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...