{"id":27409,"date":"2025-05-22T21:16:46","date_gmt":"2025-05-22T21:16:46","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/what-to-know-about-1000-trump-accounts-for-newborns-included-in-house-bill\/"},"modified":"2025-05-22T21:16:46","modified_gmt":"2025-05-22T21:16:46","slug":"what-to-know-about-1000-trump-accounts-for-newborns-included-in-house-bill","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/what-to-know-about-1000-trump-accounts-for-newborns-included-in-house-bill\/","title":{"rendered":"What to know about $1,000 &#8220;Trump accounts&#8221; for newborns included in House bill"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>The Trump administration wants to kickstart wealth creation for American children by creating $1,000 &#8220;Trump accounts&#8221; for babies born during President Trump&#8217;s second term in office.\u00a0<\/p>\n<p>Originally called &#8220;money account for growth and advancement,&#8221; or &#8220;MAGA&#8221; savings accounts, the renamed accounts would be managed by banks or investment firms, and operate like traditional investment accounts.\u00a0<\/p>\n<p>Here&#8217;s what to know about the proposed &#8220;Trump accounts&#8221; for newborns.\u00a0<\/p>\n<h2>What are they called?<\/h2>\n<p>House Republicans on Wednesday submitted an <a href=\"https:\/\/amendments-rules.house.gov\/amendments\/RCP_119-3_Managers_xml%20(002)250521201648156.pdf?_gl=1*tahfjj*_ga*MTQ5MzgxOTgzLjE3MjU5ODE2MDg.*_ga_N4RTJ5D08B*czE3NDc4NzUzMTEkbzEkZzEkdDE3NDc4NzUzMjUkajAkbDAkaDA.\" target=\"_blank\" rel=\"nofollow noopener\">amendment<\/a> to Mr. Trump&#8217;s <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/house-vote-trump-tax-bill\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">domestic policy bill<\/a><\/span> to ditch the original &#8220;Maga&#8221; acronym and rename the accounts &#8220;Trump accounts,&#8221; after the president himself.<\/p>\n<h2>Who would get one?<\/h2>\n<p>Every child born in the U.S. between Jan. 1, 2025 and Jan. 1, 2029 with a Social Security number, and whose parents have Social Security numbers, would be automatically enrolled in the program. The U.S. Treasury would set up and fund the accounts.\u00a0<\/p>\n<p>Madeline Brown, senior policy associate at the Urban Institute, said automatic enrollment is a key component of the proposed pilot program, given some adults&#8217; unfamiliarity with such investment vehicles. Some of the lowest-income families, who could most benefit from the boost, &#8220;often don&#8217;t know about these kinds of programs. There&#8217;s a huge awareness gap,&#8221; she told CBS MoneyWatch.\u00a0<\/p>\n<p>&#8220;Automatic enrollment is fundamental to improving the likelihood that it reaches the lowest-income families,&#8221; she added.\u00a0<\/p>\n<h2>What would be in a &#8220;Trump account&#8221;?<\/h2>\n<p>The government would contribute $1,000 to every eligible child&#8217;s account, which would be invested in the stock market on their behalf. Families and third parties could also contribute up to $5,000 a year to a child&#8217;s account.\u00a0<\/p>\n<p>Sam Taube, investment expert at personal finance site Nerdwallet, said the proposed &#8220;Trump accounts&#8221; are similar to programs currently offered by a number of states, but the contributions aren&#8217;t as generous. For instance <a href=\"https:\/\/www.collegeinvest.org\/first-step\/\" target=\"_blank\" rel=\"nofollow noopener\">Colorado&#8217;s First Step program<\/a> awards every newborn $100 in a 529 college savings account, plus a match of $500 a year for the first five years of savings, totaling up to $2,500 in gift contributions.\u00a0<\/p>\n<h2>What could the money be spent on?<\/h2>\n<p>Accountholders would only be approved to be spend investment funds on prescribed costs, such as a down payment on a home, education-related expenses, or starting a small business. Use of the funds to pay for unapproved expenses would subject accountholders to penalties.\u00a0<\/p>\n<p>But broadening the scope of approved expenditures would be even more beneficial to many families, Brown noted.\u00a0<\/p>\n<p>&#8220;When it comes to wealth building, we have to make sure the target sums that kids end up with at 18 are in line with the things we&#8217;re saying you can use the money for,&#8221; Brown explained.\u00a0<\/p>\n<p>If lower-income accountholders&#8217; families can&#8217;t contribute the additional $5,000 per year, the sum they would end up with as adults might not cover a down payment, for example.\u00a0<\/p>\n<p>&#8220;There are lots of different projections around what $1,000 can grow to with different interest rates, but it&#8217;s not a down payment,&#8221; she said. &#8220;So unless additional contributions come from the community, the federal government or state governments, we&#8217;re not likely to see these accounts grow to the sums that we&#8217;re saying are qualified uses.<\/p>\n<h2>When could the funds be withdrawn?<\/h2>\n<p>Half of the funds could be withdrawn when a child turns 18, at which point the account&#8217;s gains would be taxed at the long-term capital gains tax rate, so long as the money were spent as directed. If the funds were used for other purposes, withdrawals would be taxed as income. A 10% penalty for misspending the money could also apply. Accountholders would have access to their full balances between the ages of 25-30 for approved purposes, and after 30, would be able to withdraw the funds for any purpose.\u00a0<\/p>\n<p>Brown said she thinks improvements could be made to the way the program is structured, particularly around how account withdrawals are taxed. She noted that the lowest-income families would be the most likely to spend the funds on unapproved expenses, and face tax penalties.<\/p>\n<p><span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/saving-money-emergency-expenses-2025\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Most Americans can&#8217;t afford a $1,000 emergency expense<\/a><\/span>, according to a January report from Bankrate, making low-earners more likely to need to tap into the funds for surprise costs. \u00a0<\/p>\n<p>&#8220;They are the most likely to have to withdraw dollars for nonqualified expenses, and in doing so, they [would] receive a tax penalty. So there are ways to exempt emergency expenses, and that would be a fix,&#8221; Brown said.\u00a0<\/p>\n<p>Otherwise, she said, the upsides to the accounts are limited. &#8220;There are other places you can save money where you won&#8217;t have that tax penalty if you withdraw the funds early,&#8221; Brown said.\u00a0<\/p>\n<p>Taube of Nerdwallet noted that the proposed accounts&#8217; tax benefits are also questionable.<\/p>\n<p>&#8220;Although they are advertised as tax-advantaged accounts, the way they work does not seem to be that different from how a taxable brokerage account would work,&#8221; he told CBS MoneyWatch.<\/p>\n<p>That said, &#8220;given the state of saving for children&#8217;s future expenses in this country, the accounts do seem like they could help at least somewhat,&#8221; Taube said.\u00a0<\/p>\n<p>    <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation \">\n        <\/aside>\n<p>    <!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/megan-cerullo\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Megan  Cerullo<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24\/7 to discuss her reporting.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/trump-accounts-for-newborns-1000-bill-cbs-explains\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Trump administration wants to kickstart wealth creation for American children by creating $1,000 &#8220;Trump accounts&#8221; for babies born during<\/p>\n","protected":false},"author":1,"featured_media":27410,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[1697,386],"class_list":["post-27409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch","tag-savings","tag-trump-administration"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What to know about $1,000 &quot;Trump accounts&quot; for newborns included in House bill - World News<\/title>\n<meta name=\"description\" content=\"House Republican&amp;#039;s budget bill would create $1,000 &amp;quot;Trump accounts&amp;quot; for babies born between January 2025 and January 2029.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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