WASHINGTON\u2014Nearly 70 million Trump Accounts have been created for American children, including more than 60 million through automatic enrollment, as the administration expands the tax-advantaged investment program nationwide.<\/p>\n
The accounts are available to children under 18 with a valid Social Security number. Parents and guardians must claim the accounts before they can manage them, receive contributions and access the one-time $1,000 federal seed contribution available to eligible children.<\/p>\n
According to the administration, more than $4.5 billion has been deposited into Trump Accounts since the program launched July 4.<\/p>\n
That total includes about $1.3 billion in federal seed contributions, more than $600 million from family and friends and approximately $2.6 billion in philanthropic contributions.<\/p>\n
The administration estimates that about 80% of accounts are associated with families earning less than $200,000 a year.<\/p>\n
Family members and friends can contribute up to $5,000 annually to an account. Employers can contribute up to $2,500 a year, subject to the overall annual contribution limit. More than 70 companies have committed to making Trump Account contributions for employees, according to the administration.<\/p>\n
The accounts are intended to give children an early start on long-term saving and investing while introducing families to concepts including compound growth and diversification.<\/p>\n
Parents and guardians can claim an account through the Trump Accounts app.<\/p>\n
The program was created under the Working Families Tax Cuts legislation and has become one of the administration\u2019s signature efforts to encourage long-term household investment and wealth building.<\/p>\n