"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.

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.