Over 60 Million Children Automatically Enrolled in Trump Accounts
More than 60 million children have been automatically enrolled into Trump Accounts (530A accounts), according to the U.S. Department of the Treasury, as announced exclusively to CNBC on Thursday. These accounts were officially launched on July 4 and are available for any child under age 18 with a Social Security number. Eligible children born between 2025 and 2028 may receive a one-time $1,000 contribution from the Treasury as part of a pilot program. Families must still actively claim these accounts to unlock the government's seed money or allow contributions from others such as family members or employers. The new regulations also permit stock donations into Trump Accounts, potentially encouraging large-scale private giving by allowing wealthy individuals and shareholders to donate stocks without triggering capital gains taxes on cash gifts. The initiative is gaining momentum ahead of the midterm elections with Republicans defending narrow congressional majorities. Tech CEO Michael Dell has pledged $6.25 billion for additional contributions targeting lower-income children born between 2016 and 2024.
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Topics: 530A accounts child savings program Treasury Department Trump Accounts