"Parents can contribute up to $5,000 per year to each of their kids' accounts, while employers can contribute up to $2,500 per year. For children born between 2025 and 2028, the federal government will provide a $1,000 seed contribution. But it's not just the government. Several wealthy individuals have pledged to make further philanthropic contributions to the accounts. Many of those individuals are "adopting""
"specific states, meaning their contributions are limited to children living in those states. The accounts can't be accessed for withdrawals until the child turns 18, at which point they can spend the money on major purchases like tuition or a down payment on a home. The goal of it all: getting the next generation invested in capitalism and building wealth. Here's who's pouring money"
"Dell CEO Michael Dell and his wife Susan have pledged to contribute $6.25 billion to the Trump Accounts of children across the country. Specifically, the Dells are contributing $250 to 25 million children, including those who are 10 years or younger and live in a ZIP code where the median income is $150,000 or less. Recipients also must be born before January 1, 2025, meaning the Dells' contributions will go to children who aren't set to receive the $1,000 contribution"
Trump Accounts will launch in July as investment savings accounts for children. Parents may contribute up to $5,000 annually per child and employers up to $2,500. Children born between 2025 and 2028 receive a $1,000 federal seed. Wealthy donors have pledged additional contributions, with many donors limiting gifts to children in specific states or ZIP codes. Accounts cannot be withdrawn from until the child turns 18; funds can be used for major expenses such as tuition or a home down payment. Major donors include Michael and Susan Dell and Ray and Barbara Dalio, with targeted eligibility rules.
Read at Business Insider
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