Summary
Michael and Susan Dell will donate over $6 billion to Trump accounts, which are new investment accounts for children, created under President Donald Trump's recent law. These accounts will start accepting contributions on July 4, and children born between 2025 and 2028 will get $1,000 from the government, while those born before 2025 will receive $250 from the Dell's donation. The accounts work like retirement accounts, allowing withdrawals for education or buying a home after age 18.
Key Facts
- Michael and Susan Dell announced a donation of over $6 billion to Trump accounts.
- Trump accounts were established through a law signed by President Trump on July 4.
- Children born between 2025 and 2028 will receive $1,000 from the federal government.
- Children born before 2025 and 10 years old or younger will get $250 from the Dell donation.
- These accounts are aimed at children in families with annual incomes below $150,000.
- Funds can only be withdrawn after age 18 for education or buying a first home.
- Parents will manage these accounts through IRS Form 4547 and online enrollment.
- The accounts will be invested in stock market indexes, similar to retirement accounts.
