Summary
President Donald Trump and the U.S. Treasury are starting a new program called "Trump Accounts." These accounts will give $1,000 to every baby born during his administration as long as their parents set up an account for them. The money will be managed and invested, and children can use it when they turn 18 for things like education or buying a home.
Key Facts
- "Trump Accounts" are meant to provide $1,000 to every newborn during the Trump administration if parents open an account for them.
- The money is invested in the stock market and managed by private firms.
- Children can use the money only when they turn 18 and for specific things like school or starting a business.
- The U.S. Treasury is behind this initiative, and President Trump is promoting it as a way to help people, especially children from low-income families, build wealth.
- Parents can add up to $2,500 each year to these accounts, similar to how retirement accounts work.
- Wealthy individuals and groups, like the Dell family and Ray Dalio, have pledged money to support children with additional funds if they live in lower-income areas.
- Only babies born between January 1, 2025, and December 31, 2028, can receive the initial $1,000 from the Treasury.
- Children born before 2025 can still have accounts, but without the Treasury's $1,000 contribution.
