US EditionGOP Proposes 'Trump Accounts' for Newborns
- In 2023, Congress backs a bill to create 'Trump Accounts' with $1,000 seed for U.S. newborns from 2025 to 2028, backed by President Donald Trump.
- Drawing on the concept of baby bonds, the proposal aims to reduce the racial wealth gap by providing wealth-building accounts to Black, Hispanic, Indigenous, and working-class families.
- Analysis shows that the $1,000 deposit grows to about $3,000–$4,000 over 18 years, but requires both child and parent to have Social Security numbers, excluding some immigrant families.
- Pending legislation linking the 'Trump Accounts' proposal to proposed Medicaid and SNAP cuts, critics warn it risks harming low-income families' support systems.
- The federal plan builds on state programs in California, Connecticut, and D.C., potentially transforming national wealth-building policies if enacted.
14 Articles
14 Articles
Trump's 'baby accounts' really just another handout for the rich: experts
WASHINGTON — Tucked in the “one big beautiful bill” is a proposal for tax-advantaged “Trump Accounts,” each seeded with $1,000 from the government for certain babies born in the United States over the next few years.But financial experts and advocates for low-income children are not overly impressed.The idea is not new and has been likened to other “baby bonds” programs aimed at reducing the growing wealth gap, like state-run trust funds in Cali…
The Ministry of Finance is currently investigating whether every newborn could receive a share savings account. According to Kela, the arrangement would require changes to the Social Security Act, for example.
Proposed Senate Bill Includes $1,000 Baby Bonus in ‘Trump Accounts’
Senate Republicans on June 16 released the upper chamber’s version of President Donald Trump’s tax bill, which includes a $1,000 bonus in “Trump accounts.” According to the text of a proposal of the One Big Beautiful Bill released by the Senate Finance Committee on June 16, U.S. citizen children born after Dec. 31, 2024, and before Jan. 1, 2029, would receive $1,000 if both parents have work-eligible Social Security numbers. The accounts would g…
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