Starting next year on July 4th, every eligible newborn in America will have their own “Trump Account” opened and seeded with $1,000.
To qualify for an account, a baby must be a US citizen, have a Social Security number and be born between Jan. 1, 2025, and Dec. 31, 2028.
The “Trump account” provides a one-time $1,000 deposit from the government at birth and gives parents and relatives the chance to make additional contributions each year.
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Sentaor Cruz and backers of the scheme say that they will be creating a whole new generation of capitalists who will experience the benefit of compound growth.
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NBC News reports: Backers say it’s a way to bolster capitalism and help children from low-income households build wealth at a time when openly socialist candidates are growing more popular.
The new program gives the $1,000 bonus only to babies born during the calendar years of the Trump administration. Thanks to a historic donation announced Tuesday by billionaires Michael and Susan Dell, some children 10 and under could receive $250 in seed money if their parents open an account. That money is reserved for kids who live in ZIP codes with a median family income of $150,000 or less and who won’t get the $1,000 seed money from the Treasury.
Here’s what you need to know about Trump Accounts and how to claim them.
What is a Trump Account?
It’s new savings tool where money is invested in the stock market on behalf of a child. The child can’t access the money until they turn 18 and can only use it for specific purposes, such as paying tuition, starting a business or making a down payment on a home.
After a parent opens an account, the U.S. Treasury will contribute $1,000 for newborns. Private banks and brokerages will manage the money, which must be invested in U.S. equity index funds that track the stock market and charge the accounts no more than 0.10% in annual fees.
Parents can contribute up to $2,500 annually in pretax income, much like they do for retirement accounts. Parents’ employers, relatives, friends, local governments and philanthropic groups can also pitch in. Yearly contributions are capped at $5,000, but contributions from governments and charities don’t count toward that total.
Who gets $1,000?
To qualify for the $1,000 seed money, a baby must be a U.S. citizen, have a Social Security number and be born between Jan. 1, 2025, and Dec. 31, 2028. Any parent can open an account for a qualifying child, regardless of the parent’s immigration status.
It’s important to note that the child won’t be able to access the money until they turn 18, except in rare circumstances, so it can’t help with immediate expenses. And disbursements from the accounts will be subject to taxes.
