Trump unveils newborn savings plan to save $1,000 per child
2025-06-09 20:26:52
Trump officially announced the "Trump Savings Account" at a roundtable meeting with CEOs including Dell, Goldman Sachs and Uber on Monday local time, calling it one of the "most important" components of his second term. The "Trump Savings Account" is part of the "Big Beauty Act" that Trump passed in the House last month. The proposal would require the Treasury Department to provide $1,000 in investment accounts for children born in the United States between January 1, 2025 and January 1, 2029. Newborns would be automatically enrolled in the program. Parents or other account custodians can deposit up to $5,000 in additional after-tax funds into the accounts each year, which will be invested in index funds that track the U.S. stock market. Funds can be distributed when beneficiaries turn 18. A White House official confirmed that chief executives of major companies were expected to announce on Monday that they would collectively invest billions of dollars in "Trump savings accounts" for the children of their employees.
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