Trump says 70 million children now have Trump Accounts
President Trump said Wednesday that every eligible child under 18 now has a Trump Account. The Treasury opened about 60 million of the investment accounts on its own starting Oct. 1. Parents must still claim them to manage them or get money.
President Donald Trump celebrated the automatic enrollment of tens of millions of children in his "Trump Accounts" on Wednesday at the White House.
Starting Oct. 1, the Treasury Department automatically opened accounts for about 60 million children under 18, ABC News reported. That is on top of roughly 10 million whose parents signed up after the accounts launched on July 4. "With automatic enrollment now complete, every American child under the age of 18 has a Trump Account in their name," White House spokeswoman Taylor Rogers said.
The accounts were created in last year's tax law. They are tax-advantaged accounts meant to be invested in stocks, PBS News reported. Families can add up to $5,000 a year. The government puts in a one-time $1,000 for children born from 2025 through 2028. Children born outside that window do not get the federal deposit, but relatives and others can add money.
Parents or guardians still have to claim the account through the Trump Accounts app or website before they can manage it or get contributions, Fox Business reported. The White House said $2.2 billion has been deposited since July 4.
Michael Dell and his wife, Susan, have pledged about $6.25 billion, enough for $250 each for 25 million children. Michael Dell said that money would be deposited by the end of this week. "These accounts are ready. They're waiting for you, and they have money in them," Susan Dell said.
"If all goes well, which I think it will, they'll end up being quite rich by the time they're 18, and then 21," Trump said. Children can use the money at 18 for approved purposes, such as college or buying a home, ABC reported.
A White House official told Fox News that about 80% of the accounts are tied to families earning less than $200,000 a year. The Treasury estimates automatic enrollment will add about 2 million children a year.
The idea has some Democratic support. Maryland Gov. Wes Moore called it a "smart policy." Sen. Cory Booker backed a similar $1,000-at-birth plan in 2023.
What we know: Every eligible child now has an account opened in their name.
What we don't: How many parents will claim the accounts so money can flow in.
Where outlets agree ABC News and Fox Business both report the Dells' roughly $6.25 billion pledge and Trump's prediction that children would be "quite rich" by 18.
Where they differ ABC News quotes the White House saying every American child under 18 now has an account, while Fox Business says it covers every eligible child with a valid Social Security number.