"The $6.25bn (4.72bn) gift will bolster Trump-branded investment accounts, which were authorised by Congress as part of its tax and spending bill earlier this year with the aim of encouraging families save for their children's retirement. As part of that scheme, babies born between 2025 and 2028 are also eligible to receive $1,000 from the government. The Dells said their gift, which targets children age 10 and under, was intended to help seed those accounts and expand the savings opportunity to even more children."
"The money will be routed through the new Trump-branded accounts, which can be created for any child under age 18 and by law must be invested in a low-cost index fund that reflects the wider stock market. Getty Images The Dells said children age 10 and under, who were born before 1 January 2025 were eligible for their gift, provided they live in areas where the median income is below $150,000."
Michael and Susan Dell will donate $6.25bn to fund Trump-branded investment accounts for 25 million children across the United States. The donation targets children age 10 and under born before 1 January 2025 and aims to seed accounts in areas with median incomes below $150,000. The accounts can be opened for any child under 18 and must be invested in a low-cost index fund that tracks the wider stock market. Babies born between 2025 and 2028 are eligible for an additional $1,000 government deposit under the scheme. The Dells expect the gift to reach almost 80% of children aged 10 and under.
Read at www.bbc.com
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