President Donald J. Trump promoted a new provision that would give newborn children a $1,000 tax-deferred investment account, a part of his signature “Big, Beautiful Bill,” which is currently working its way through Congress.
On Monday, the president hosted a White House roundtable with business leaders and GOP lawmakers where he touted the “Trump accounts” which according to a White House fact sheet “will be seeded with a one-time government contribution of $1,000 and be private property of the child’s guardian, will track a stock index and allow for additional private contributions of up to $5,000 per year.”
WATCH: @POTUS explains how the ‘Trump Accounts’ in the One Big Beautiful Bill work: “For every U.S. Citizen born after December 31, 2024, before January 1, 2029, the federal government will make a one-time contribution of $1,000 into a tax-deferred account that will track the… pic.twitter.com/Xh7BEb0DkI
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“This is a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation,” Trump said. “They’ll really be getting a big jump on life, especially if we get a little bit lucky with some of the numbers and the economy.”
“The passage of the One Big Beautiful Bill will literally change the lives of working, middle class families across America by delivering the largest tax cuts in history, increasing the child tax credit, AND by creating this incredible new ‘Trump Account’ program, which will put the lives of young Americans on the right financial path!” White House Press Secretary Karoline Leavitt said in a statement.
House Speaker Mike Johnson (R-LA) touted the proposal, “If you have a 401(k), you understand the power of investing early for the future. Trump Accounts take that same principle and they apply it from the very beginning of Americans’ lives … It’s a bold, transformative policy that gives every eligible American child a financial head start from day one … Trump Accounts are all about setting up the next generation for success.”
Business leaders also praised the “Trump accounts” as a path to future prosperity for the youngest Americans.
“We see … the establishment of these Trump Accounts as a simple yet powerful way to transform lives. Decades of research has shown that giving children a financial head start profoundly impacts their long-term success. With these accounts, children will be much more likely to graduate from college, to start a business, to buy a home, and achieve lifelong financial stability,” said Dell CEO Michael Dell.
Dell also said that his company would “proudly match dollar for dollar the government’s seed investment into these accounts for all the children born to Dell team members.”
The CEO of America’s top investment bank also hailed the proposed accounts.
“This initiative gets at the core of binding those future generations to the benefits and the potential of America’s great companies and markets,” said Goldman Sachs CEO David Solomon.
“Early childhood investments have far-reaching benefits, and Goldman Sachs is proud to support his initiative … Our economy’s future vitality is dependent on young people understanding the power of investing for the long term,” Solomon added.
“It’s not just an account; it’s a launchpad. It puts the unstoppable engine of compounding to work for our kids, building a future for them from day one,” said Uber CEO Dara Khosrowshahi.
“This is aligning every child in America with the upside of free markets and the benefits, and that is your Main Street agenda,” said Altimeter Capital CEO Brad Gerstner.
“It makes America an ownership society again because all of those kids will see the benefit of compounding interest …,” he added. “You are giving the shot for every American to feel like they’re in the game again.”
“This will afford a generation of children the chance to experience the miracle of compounded growth and set them on a course for prosperity from the very beginning,” the White House fact sheet read.
“The Trump investment accounts will be a game-changer for new parents even before their newborn baby can walk or talk. Their child will have money saved to one day learn a trade, start a business, or to buy a home,” House Ways & Means Committee Chair Rep. Jason Smith (R-MO) said.
“Every child born under this policy will have a better shot at a future. It does not matter if they live on a city block or on a county road — this will make a significant difference to their lives,” Smith added.
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