"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.

Joe St. George provides an in-depth look at MAGA Savings Accounts -- which is a new concept of saving for young people. How much money could a new kid get? MAGA Savings Account are currently included in the mega-bill Republicans in Congress are trying to pass before July 4.

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.