Trump Accounts reach nearly 70 million US children
Nearly 70 million Trump Accounts have been created for children across the United States, including more than 60 million through automatic enrollment, the White House said, Qazinform News Agency reports.
The tax-advantaged investment accounts are available to US children under 18 with a Social Security number. Parents or guardians can claim and manage the accounts through the Trump Accounts app, according to the White House.
The administration said more than $4.5 billion had been deposited into the accounts since their launch on July 4. This includes $1.3 billion in one-time $1,000 seed contributions, more than $600 million from family and friends, and $2.6 billion in philanthropic contributions.
Family and friends can contribute up to $5,000 annually, while employers can contribute up to $2,500, subject to the overall $5,000 annual limit. More than 70 companies have committed to making contributions for their employees.
About 80% of the accounts are estimated to be associated with families earning less than $200,000 a year.
President Donald Trump highlighted the milestone on October 7 alongside Treasury Secretary Scott Bessent, IRS CEO Frank Bisignano, and philanthropists Michael and Susan Dell and Brad Gerstner. Their contributions have helped fund Trump Accounts.
The program was established under the Working Families Tax Cuts legislation signed by Trump.
Earlier, Qazinform News Agency reported that YouTube creator Jimmy Donaldson, widely known as MrBeast, had unveiled a nearly $10 million village in Ghana designed to help children leave illegal labor in the cocoa industry and return to school.
