White House Unveils $1,000 ‘Trump Savings Accounts’ Baby Bonuses: What To Know
The post White House Unveils $1,000 ‘Trump Savings Accounts’ Baby Bonuses: What To Know appeared on BitcoinEthereumNews.com.
Topline A group of high-profile CEOs joined President Donald Trump at the White House on Monday to showcase a proposed investment account program for newborn children, named after the president, as part of the Trump-backed budget bill, an initiative which would automatically grant a $1,000 investment account to newborn Americans. Here’s how much parents of newborns can expect to see—and the bill taxpayers may foot—from the … More formerly named MAGA accounts. CQ-Roll Call, Inc via Getty Images Key Facts Trump officially announced the “Trump savings accounts” at a Monday afternoon roundtable alongside Dell CEO Michael Dell, Goldman Sachs CEO David Solomon and Uber CEO Dara Khosrowshahi, deeming it one of the “most important” components of his second term. The Trump savings accounts are a component of Trump’s “Big Beautiful Bill” which passed the House of Representatives last month. The proposal calls for the Treasury Department to fund $1,000 in investment accounts for children born in the U.S. between Jan. 1, 2025 and Jan. 1, 2029. Parents or other account custodians can place up to an additional $5,000 in post-tax contributions annually into the accounts, which will be invested in index funds tracking the broader U.S. stock market. When Can You Withdraw From Trump Savings Accounts? The account beneficiary will be able to withdraw up to 50% of their balance beginning at age 18. That person will then have access to the full balance beginning at age 25 for qualified purposes, including small business loans and higher education, before gaining full control of the entire balance at 30 for any use. The Trump savings accounts will require post-tax contributions and tax withdrawals as either long-term capital gains or normal federal income, unlike the tax-free qualified disbursements from 529 higher education and Roth IRA retirement accounts. Tangent The “Trump savings accounts”…
Filed under: News - @ June 9, 2025 10:26 pm