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President Donald Trump on Wednesday hailed the planned launch of a "Trump Accounts" initiative that aims to create investment accounts for American children from birth, as he tries to combat broader voter concerns about their affordability.
During an event to promote the accounts, Trump boasted that the idea would be remembered as one of the most transformative policy innovations of his presidency.
"The size and scale of this wealth will dwarf all the government programs that were created to benefit America's youth. Even people who really hate me are making this investment ," he said.
How will Trump Accounts work in short?
The federal government will introduce a pilot $1,000 contribution to individual investment accounts for babies born between Jan. 1, 2025 and Dec. 31, 2028. However, the accounts will be available to any eligible child under 18. Parents, employers and others can contribute up to a combined $5,000 per year on behalf of the child.
The money will grow tax-deferred and cannot be withdrawn before the child turns 18. To qualify, infants and children must be U.S.-born citizens, and both parents and child must have Social Security numbers.
Parents who want to set up an account for their eligible children can do so by filing Form 4547 along with their 2025 federal income tax return. Several companies and philanthropists have pledged additional funding for the accounts, including a $6.25 billion donation from billionaire Michael Dell and his wife, Susan.
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