Democrat Wes Moore Praises Trump's ‘Smart Policy’ of Giving Kids $1,000
Summary
Maryland Governor Wes Moore praised President Donald Trump’s new federal savings program, called Trump Accounts, which gives $1,000 to children born between 2025 and 2028 as an investment seed. The program aims to help reduce child poverty and the racial wealth gap by investing the money in U.S. stock market funds until the child turns 18.Key Facts
- The Trump Accounts program started under a law signed by President Trump in July 2025 and became active on July 4, 2026.
- Every U.S. child born between January 1, 2025, and December 31, 2028, with a Social Security number, automatically gets $1,000 deposited into an investment account.
- The accounts invest in a diversified stock market index fund focusing on American companies.
- Parents, relatives, employers, and qualified governments or nonprofits can add up to $5,000 per child each year to the accounts.
- Money in the accounts cannot be withdrawn until the child is 18 years old, when the account becomes a retirement account subject to ordinary income tax on earnings and contributions.
- Around 6 million families had opened Trump Accounts by early July, with 86% earning less than $200,000 annually.
- Wes Moore approved the policy but disliked that President Trump put his name on the program.
- The program was promoted at the New York Stock Exchange and Nasdaq by President Trump, Treasury Secretary Scott Bessent, and others.
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