"In the grand scheme of things, there's so many other incentives in the tax code that people already don't take advantage of," a chief economist told Newsweek.

The House of Representatives is moving along on a bill that would extend many cuts in the tax law passed during President Donald Trump’s first term—and do more. Among the surprise inclusions are tax-advantaged “MAGA” accounts for children.

The Republican tax bill that is being discussed today in the House Ways and Means Committee proposes a new savings account for young children that comes with $1,000 in seed money from the government.