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.

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.

The $4 trillion tax bill released May 12 by House Republicans, which sets the stage for a Congressional battle over President Donald Trump’s key economic legislation, includes an unusual provision: the creation of a new savings vehicle dubbed “MAGA accounts” that would be seeded with $1,