00:00Yes, thank you. You said in your opening statement you talked about this MAGA baby savings account.
00:06Exactly how would that work? Who would be eligible for it? I'm assuming women would be eligible for that.
00:13Yes, so one of the provisions in the One Big Beautiful Bill, as I said, this is a very pro-family piece of legislation.
00:21Not only does it increase the child tax credit, but it also includes MAGA baby savings accounts for children that are born before January 1st, 2024, under eight years old, U.S. citizens, and have at least one parent with a valid Social Security number.
00:39And when this tax provision becomes law, the child, if the parents seek to do this, will be set up with a savings account.
00:47Essentially, it's a 401k for a newborn baby, and child's relatives, their parents can contribute up to $5,000 per year of after-tax dollars annually to that account.
01:00And then later in the baby's life, at age 25, savings account holders can withdraw up to the full balance of the account.
01:07Upon reaching 30, the account holders can access the full balance of the account for any purpose desired.
01:12So it's a great initiative for new parents, new mothers who want to set up this savings account for their children.
