Treasury to auto-enroll up to 60 million children in Trump Accounts
Summary
The Treasury Department will start automatically creating "Trump Accounts" for up to 60 million eligible children in the U.S. beginning October 1. These are tax-deferred investment accounts that provide a $1,000 government contribution for children born between 2025 and 2028, and allow others to contribute money to help save for the child's future.Key Facts
- Up to 60 million children will be auto-enrolled in Trump Accounts starting October 1.
- Trump Accounts are tax-deferred investment accounts for children born between January 1, 2025, and December 31, 2028.
- Each eligible child will receive a $1,000 initial government contribution to their account.
- Parents or guardians no longer have to sign up for these accounts; enrollment will be automatic.
- Friends, relatives, and employers can contribute up to $5,000 a year to each account.
- Wealthy donors and corporations have pledged billions to fund these accounts for children in certain income areas.
- The rule change aims to include children whose families may not have the resources or awareness to apply manually.
- The accounts were created under President Trump's One Big Beautiful Bill tax and spending legislation.
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