One of the more interesting proposals in the new spending bill is the idea of creating a $1,000 savings account for every baby with a Social Security number. The accounts are officially called money account for growth and advancement, giving them the initials MAGA, matching the acronym for the Trump-led Make America Great Again movement.

The legislation includes a provision to create a new tax-advantaged savings vehicle called the Money Account for Growth and Advancement, or what's being referred to as a "MAGA" account. These accounts,

So-called MAGA accounts would do little to provide immediate financial relief to families and could worsen wealth inequality, researchers and family advocates said. They favored enhancing the child tax credit.