Summary
Texas is thinking about starting a program to give every newborn $1,000 in a stock market investment. This plan is inspired by a federal program called "Trump Accounts," set up under President Trump. Texas Lieutenant Governor Dan Patrick shared the idea and said it would need approval from lawmakers and voters.
Key Facts
- Texas plans to introduce $1,000 investment accounts for every newborn in the state.
- The initiative is based on a federal program called "Trump Accounts," which was established under President Trump.
- The Texas program would require legislation to be passed in 2027 and a constitutional amendment approved by the state's voters.
- The plan would cost Texas around $400 million per year.
- The federal program offers $1,000 to children born between 2025 and 2028, with restrictions on withdrawals.
- Michael and Susan Dell are contributing $6.25 billion to support children not eligible for the federal benefit, offering an extra $250 in some cases.
- Lieutenant Governor Dan Patrick hopes to align the Texas program with the federal one, offering a total of $2,000 per child.
- Critics, like Texas Policy Research, oppose the idea, saying it increases government involvement and could undermine personal responsibility.
