From the HERE City National Desk
Every American child under 18 with a valid Social Security number now has a Trump Account, the White House said Wednesday, after the Treasury Department finished automatically enrolling about 60 million children in the tax-free investment accounts.
Those children join roughly 10 million whose parents opted in after the accounts launched July 4, bringing the total to about 70 million. President Donald Trump marked the milestone at an Oval Office event, predicting the children could be quite rich by the time they turn 18 and 21.
Parents or guardians still have to claim a child’s account before they can manage it or receive contributions. Accounts can be claimed through an official app or a web version.
Only children born between Jan. 1, 2025, and Dec. 31, 2028, receive the one-time $1,000 Treasury seed payment, so most account holders will depend on deposits from relatives and other contributors. Family and friends can put in up to $5,000 a year, and employers up to $2,500. The seed payment does not count against the annual limit.
The administration says $2.2 billion has been deposited since July. Michael Dell and his wife, Susan, seeded the program with a $6.25 billion pledge, and companies including Uber and Nvidia have also contributed. A White House official said about 80% of the accounts are linked to families earning less than $200,000 a year.