The White House announced that automatic enrollment in Trump Accounts has been completed, with nearly 70 million tax-advantaged investment accounts created for children, including more than 60 million through automatic enrollment. Every American child under 18 with a valid Social Security number now has an account in their name, building on the administration’s earlier report that enrollment had surpassed 60 million. Parents or guardians must claim an account through the Trump Accounts App to manage it, enable contributions and receive the one-time USD 1,000 seed contribution for eligible children. More than USD 4.5 billion has been deposited since the accounts launched on July 4, comprising USD 1.3 billion in seed contributions, more than USD 600 million from families and friends, and USD 2.6 billion in philanthropic gifts. Family and friends may contribute up to USD 5,000 annually, while employer contributions of up to USD 2,500 count toward that overall limit. More than 70 companies have committed to making contributions for employees, and an estimated 80% of accounts are linked to families earning less than USD 200,000 a year.
The White House announces completion of automatic enrollment in nearly 70 million Trump Accounts
The White House announced that automatic enrollment in Trump Accounts is complete, with nearly 70 million accounts created for children, including more than 60 million automatically. Parents and guardians must claim the accounts to manage contributions and access the USD 1,000 seed payment for eligible children. Deposits since the July 4 launch exceed USD 4.5 billion.