Nearly 6 million children are now enrolled in Trump Accounts, created under the Working Families Tax Cuts Act, which I voted to pass one year ago, historic legislation that enacts the largest tax cut for working- and middle-class families in American history.
Beginning today, Trump Accounts can now be established for eligible U.S. newborns between January 1, 2025, and December 31, 2028, will begin to receive a onetime contribution of $1,000 from the Department of Treasury in their accounts, thanks to the Dell Families’ $6.25 billion private philanthropic commitment. The first 25 million American children age 10 and under who live in zip codes with median incomes below $150,000 will also receive an additional $250.
How it works:
- Eligible newborns will receive a one-time $1,000 federal seed deposit, millions of children in qualifying communities will receive an additional contribution.
- Every account will be opened in the child’s name, with the parents or guardians listed as custodians until the child turns 18. Funds will remain inaccessible until January 1st of the year when the child turns 18.
- Families can contribute up to $5,000 annually, while employers can contribute up to $2,500 annually. These contributions will be invested into the S&P 500 or other diversified American equities to maximize potential returns over time.
The Social Security Administration (SSA) announced that parents can now enroll their newborns in Trump Accounts. Beginning next week, the SSA will modify their existing hospital forms to include the automatic creation of a Trump Account. Future Social Security Card mailers will also include information for parents on how to open an account for their children. The SSA is also updating its website and working with partners and stakeholders to disseminate information about Trump Accounts.
Working with President Trump, the new Trump Accounts will give millions of American children a real opportunity to achieve the American Dream by building savings and financial opportunity from the day they are born. For more information or to enroll, please visit TrumpAccounts.gov. For more information about Social Security’s services, visit www.ssa.gov.
Congressman Daniel Webster represents The Villages in the U.S. House of Representatives.