Donald Trump's "One Big Beautiful Bill" narrowly passed in the House and is now poised for debate in the Senate. A key component is the introduction of "Trump Accounts," designed to seed savings for infants born in specified years. While aimed at helping families save from birth, the broader bill cuts various social programs, raising concerns about its overall impact. These accounts, which could yield substantial future growth, come with complex withdrawal rules and tax implications. Though controversial, the initiative has garnered some bipartisan support.
This is a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation.
According to reporting by CNN, an account left completely alone for 20 years could expect to grow to approximately $8,300.
If the money is spent on anything else - a Ferrari, medical bills, rent - it will be taxed as ordinary income.
While the scheme does not enjoy universal support, it does enjoy some bipartisan support.
Collection
[
|
...
]