IRS CEO Frank Bisignano Says Up to 25 Million Trump Accounts Could Be Funded by Mid-October
According to IRS CEO Frank Bisignano, up to 25 million Trump Accounts could be funded by mid-October. This follows a Treasury Department announcement that over 60 million American children have been automatically enrolled in these tax-deferred savings and investment accounts since their launch on July 4. The funding may come from various sources including family contributions, employer matches, or grants such as the $1,000 pilot program by the Treasury or a $250 grant from Dell for 25 million children. Michael Dell has also pledged $6.25 billion to support accounts for children born between 2016 and 2024 who are not eligible for federal seed money. Bisignano highlighted that approximately 72 companies have committed to matching employee contributions, while philanthropists in several states plan additional gifts. Families must still claim their auto-enrolled accounts via the Trump Accounts app to access funds.
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Topics: child savings accounts IRS Treasury Department Trump Accounts