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Reply to "How Rich will a MAGA Account make a Baby?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The proposal also allows people to put $5,000 tax-free into these accounts every year until their kid is 31, as it's currently drafted — so this is basically just another tax shelter for high-income families.[/quote] What is the "tax free" part? The parent's aren't taxed on the $5K if they put it into one of these accounts?[/quote] No the contributions would be post-tax, but the growth would be tax-free like a Roth IRA. But you could do it for a kid who has no earnings of their own, and it wouldn't be restricted to education expenses like a 529.[/quote] Right, so if your parents can afford it, you can have 30 years worth of compounded gains on $155,000 in contributions and pay no taxes on the growth. Pretty good deal! If you happen to come from a family with $5,000 to burn every year. [/quote]
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