Trump Accounts Are Now Officially Launched - MSN.com
The U.S. Department of the Treasury has announced the official launch of the Trump Accounts App. It is a savings and investment platform for children’s futures.
Children who are American citizens born between January 1, 2025, and December 31, 2028, will receive $1,000 from the Federal government. Children born before January 1, 2025, and under age 18 are still eligible for a Trump Account, though they will not receive the $1,000. The Administration estimates that an account with no additional investment beyond the initial $1,000 will be worth approximately $6,000 when the child turns 18. The maximum annual contribution is $5,000, and accounts receiving the maximum could be worth up to $271,000 after 18 years.
Parents, other family, and friends can contribute. Employers of parents and guardians can also contribute. Most contributions will be taxable, but employers can contribute up to $2,500 per employee per year tax-free, as can States and local governments. The funds cannot be accessed until the child turns 18, at which time they can be withdrawn for education or the purchase of a home.
Callum Sutherland has written a detailed article about the launch of the Trump Accounts. To read the full article and learn more, click here ……
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