What to know about Trump Accounts as Treasury rolls out new app
The Treasury Department has launched the Trump Accounts app, allowing parents and beneficiaries to access new tax-deferred investment savings accounts for children. The program aims to promote financial literacy and investment among young Americans, with the government contributing $1,000 to accounts for newborns. Eligible individuals can contribute up to $5,000 annually until the child turns 18, with potential for significant savings by adulthood.
- ▪The Trump Accounts app is available on iOS and Android for accessing new investment savings accounts for children.
- ▪The government will deposit $1,000 into Trump Accounts for newborns from 2023 to 2028, which cannot be accessed until the child turns 18.
- ▪Parents and others can contribute up to $5,000 a year to these accounts, with additional matching contributions from some companies.
Opening excerpt (first ~120 words) tap to expand
The Treasury Department has officially rolled out the Trump Accounts app. Here is what to know about the accounts and how to get the app. The Treasury announced the rollout on Thursday, with the Trump Accounts app hitting app stores for both iOS and Android. The app will allow parents and beneficiaries to access the accounts after the program’s launch on July 4. Recommended Stories First-quarter GDP growth revised down to 1.6% rate Trump publicly praised companies within days of buying their stocks Market expectations for rate hike haunt Warsh and GOP TRUMP PLEDGES NEW RETIREMENT ACCOUNTS FOR WORKERS Trump Accounts are new tax-deferred investment savings accounts designed for children, to which parents, family members, and others can contribute money.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Washington Examiner.
Discussion
0 commentsMore from Washington Examiner
