White House to launch Trump Accounts on July 4
Key takeaways
- Dubbed by the administration Trump Accounts, are available for children who do not turn 18 before the end of the calendar year in which their parents open an account, according to the IRS.
- As of Thursday, more than 6 million families have signed up to create an account via IRS Form 4547 — a nod to Trump being the 45th and 47th president.
- The Treasury Department will also contribute $1,000 to accounts of children born between Jan. 1, 2025 through Dec. 31, 2028.
Why this matters: political developments that affect policy direction and public trust.
Dubbed by the administration Trump Accounts, are available for children who do not turn 18 before the end of the calendar year in which their parents open an account, according to the IRS. The program was established under the One Big Beautiful Bill Act signed into law nearly a year ago
As of Thursday, more than 6 million families have signed up to create an account via IRS Form 4547 — a nod to Trump being the 45th and 47th president. Once the accounts launch, family members, friends and other adults can contribute up to $5,000 annually to them, a limit that will increase with inflation starting in 2028.
The Treasury Department will also contribute $1,000 to accounts of children born between Jan. 1, 2025 through Dec. 31, 2028. A number of companies have said they will match that contribution for the children of employees.