Earlier this morning President Trump spoke to the audience about a new headstart program for every child born in America via a savings account called “Trump Accounts.” The money to deposit an estimated accrual rate of $3 to $4 trillion in wealth into the savings accounts for America’s children, comes from an assembly of private sector companies, corporations, donors and contributors.
Under the program the govt will create a tax-free savings account seeded with $1,000 in startup funds. No individual contributions are necessary—but families can deposit up to $5,000 per year into their child’s account to maximize growth. [DETAILS HERE] WATCH:
.
[Information Here]
Posted in Banking and Finance, Big Government, Donald Trump, Economy, media bias, President Trump, Uncategorized
As long as it stipulates that EACH of the baby’s parents is a US CITIZEN and it is documented at birth–otherwise, it has fraud written all over it…..
It has fraud written all over it right now.
No way we can guarantee to protect this from future grifters.
The gov really needs to get out of the business of “taking care of people”.
No doubt about it. It’s like we can’t fix certain problems we have now ( immigration, voting, massive theft of government funds).
Pray and help others..
Individual accounts per child. That is at least something to defend against theft.
It’s light-years better than putting IOUs into a non-existent “Lockbox” inside of a phony “Trust Fund.”
This is a great idea: but why are We The Taxpayers paying for it? Forced charity is theft.
“the savings accounts for America’s children, comes from an assembly of private sector companies, corporations, donors and contributors.”
From above
And instituted by government.
Hmm, what do we call it when government and private industry merge?
Obamacare?
Yo’ Momma?
Almost every retirement vehicle that working Americans contribute to are government instituted.
The U.S. Treasury provides a one-time $1,000 seed contribution to each eligible child’s Trump Account.
Buy your child a roll of 20 one-ounce silver rounds instead. Keep government hands off of your child’s savings.
….and my question was/is along the same lines as gz9gjg’s: ….if it’s ” from an assembly of private sector companies, corporations, donors and contributors”, why does that box/intro say it’s from the US Treasury?
Even without any apparent presence of AI, I’m getting really tired of trying to figure out who is saying what about this or that……with the acronymns, the sarcasm, the rhetorical questions…. oh, well…
It is in our best interest to encourage American children. The more, the merrier!
Good because it teaches kids sound economics rather than the Marxist globohomo slop are embarrassingly bad schools teach.
Globohomo…very good, descriptive and true. . : )
Easier to digest than Satanic….
The study of money (saving, spending, responsible management of, etc. should imho be a mandatory subject and taught from grade school through high school. My guess is it’s not bc that would be counter to the goals of those that rule over it. Hopefully the children that are homeschooled study the subject.
I agree, better than gender studies
I learned sound economics and the value of $ when my grandmother would give us $2 to play at the arcades in Asbury Park. Couldn’t wait to see grandma
It took a couple of years (around age 10) to figure out it was also fun to save it.
Pray and help others
Any money someone doesn’t have to work for isn’t teaching them about sound economics. It’s teaching them that getting money for nothing is waaay better than having to work for it and work it out. It would be nice if someone would give me a $1,000 account and then my employer would put more money in that account and then maybe some philanthropic entity would put some in their too and then invest it for me so in 10 years or so I would have a nice amount of money to help me live.
I wonder if anchor babies will get one of these accounts?
Frankly, the long-term ramifications of this are not good.
Only new kids get it.
You can open account for kids under 18
The web site stipulates the children must be born January 1, 2025 or after, through 2028.
From trumpaccounts.gov q&a:
“ Who is eligible?
All U.S. children under 18 with a valid Social Security Number are eligible to establish a Trump Account. Parents or legal guardians can open and manage accounts on behalf of their children.”
And we know what the lousy parents, drug-addled ones (ETC) will do in “managing” those accounts.
Whoever thought this will predictably and normally “benefit the children” isn’t in touch with reality.
My opinion.
When the Satanist dems take back the government, these will be taxed into oblivion or confiscated
Yup they will spend the money. That’s the big fear here.
Bbbbbbbut LOCK BOX, yo!
God’s in Control. They ain’t coming back.
God “being in Control” does not guarantee the outcomes of national politics. There are believers in China, even Somalia, Liberia, and Australia who deeply know that God is in control–who know their governments are after them: it’s false theology to assume that things will go well for us, either as individuals or as a nation.
It also makes Christians look slightly goofy.
The demonratic party is toast. It awaits to be seen whether or not they manage to take the House or Senate in November. If they do? That’ll insure their demise and lock in a loss in 2028 for the Whitehouse.
Stay strong, play long, and serve God.
The politicians will steal it if the Somalies don’t.
E
But wait!
How will Somali parents be able to afford to put in anywhere near $5,0000 per child?
Oh, I know!
They will just have to not buy quite as many Mercedes Benz.
I am a bit leery about this, I mean a government controlled account for every citizen from birth, what could possibly go wrong? AmIright?
Where have we heard this before, Social Security seems quit similar, and that never gets abused.
It’s only for kids born from Jan ’25 through Dec ’28. Unless future administrations can convince the public sector companies to keep it going after that.
Not according to the website trumpaccounts.gov
“ Who is eligible?
All U.S. children under 18 with a valid Social Security Number are eligible to establish a Trump Account. Parents or legal guardians can open and manage accounts on behalf of their children.”
This is like in the 50s and 60s when they were trying to encourage people to have children..this is good. Let’s hope the account is locked till the child turns 19 or 21..so people don’t apply and withdraw within a year..kid sees nothing
Didn’t P.T. Barnum have something to say about this?
Quite a few things actually.
No man ever went broke overestimating the ignorance of the American public.
Many people are gullible, and we can expect this to continue.
The common man, no matter how sharp and tough, actually enjoys having the wool pulled over his eyes, and makes it easier for the puller.
The bigger the humbug, the better people will like it.
On the face of it, it seems sort of like an IRA.
Is that such a bad thing?
Considering the money the gov shells out for individuals, and especially children (not even counting Learing Centers), this doesn’t strike me as out of line. Besides, if the saving habit takes hold, it means fewer people on welfare later.
“The road to hell is paved with good intentions.”
I do not doubt the sincerity of President Trump’s intentions. He is trying to do good, and I love that he desires to do good for We The People.
Having said that, there can be no doubt that, in the hands of the UniParty, this will become a trillion dollar nightmare of fraud and grift after President Trump leaves office.
Very sad.
It only applies for the years he’s in office.
Allow the accounts to be held until retirement AND tax free when drawn out if the holder chooses. The biggest problem will be all the complaining coming from those who cashed out as young adults “It’s not fair!”.
If Trump really wanted to do something to secure the financial future of the next generation of Americans, he’d replace Kash “we’ve just sent our top investigators to Minneapolis” Patel with someone who would actually root out the corruption at the FBI and actually get to the bottom of the financial fraud being committed throughout the Country. And he’d replace Pam “I just sent a very strongly worded letter to Tim Walz” Bondi with someone who would actually prosecute the guilty bastards once they’ve been exposed. This whole “Trump Accounts” idea reminds me of Obama’s “Cash for Clunkers” ~ complete buffoonery.
Alas, my two granddaughters don’t qualify.
If they’re 10 and under can have the accounts, but not receive the $1,000.00. I think Michael Dell contributes $250.00 to these accounts. But I didn’t hear them talk about that portion today.
Good deal for the kids. As long as they don’t abuse it or their parents don’t. Also a way to relieve pressure on Social Security.
That said, it is essentially a 401K, so withdrawals are taxed as ordinary income at the current rate at time of withdrawal.
I’d take the deal up to age 18, then open a Roth account and leave the 401K to grow. The Roth is untaxed as it uses after tax monies to fund it, and it’s growth would be able to fund any tax impacts of the 401K withdrawals.
Just a thought.
“Under the program the govt will create a tax-free savings account seeded with $1,000 in startup funds. No individual contributions are necessary—but [wealthy] families can deposit up to $5,000 per year into their child’s account to maximize growth.”
How will the “Having trouble putting food on the table” demographic / community be able to put in anything remotely like $5,000 per year per child?
I’m very far from wealthy, but I’d consider scrimping to put that money away if I actually trusted the future governments not to confiscate it somehow. I’ll take care of my own on my own, thanks.
My “neighbor” on every government assistance available just spent $700 on beef that I can’t afford. They’ll find a way if they want to!
Hah, this may be the first time I’ve agreed with your comments!
Here’s how:
The “Having trouble putting food on the table” demographic should qualify for the Earned Income Tax Credit (EITC) which pays them $4,328 for their first child.
That money ought to go to the child. It ought to go straight into the child’s Trump account.
I think the intent is good but the math and human nature is bad. First do you really think the “kids” won’t just spend the money rather than let it grow so they can become millionaires? Second, is it possible that every citizen in the U.S. could become millionaires in today’s money. Understand that in the future we will all be millionaires but it will cost $100,000 to buy a happy meal. So in terms of today’s dollar do you actually believe we can all be millionaires??? AND do you think that we could all be millionaires and it won’t massively fuel inflation???
Wouldn’t it be great? It would be so awesome if we could all be rich. But it’s a dream, it cannot happen AND I suspect that the mechanism put in place to try to make it happen will be self destroying. Well… let me amend that: It will be self destroying IF all or most of the children follow the rules and allow the account to grow but if you have children or have been a child you know that 95% of them will get it somehow and piss it away.
” Understand that in the future we will all be millionaires but it will cost $100,000 to buy a happy meal.”
Only $50,000 if the burger is made out of
horsed meattofu.Well… this might be an opportunity to verify citizenship. while also creating a census
and state by state voter identification bank.
Criticism: Wealth Gap Implications
Critics argue that Trump Accounts disproportionately benefit wealthier families:
Connecticut Treasurer Erick Russell stated:
That’s true to the extent that wealthy families have the disposable income to contribute $5k/year. Otherwise, withdrawals for Trump Accounts (even for education) is taxed as ordinary income. Wealthy family children will likely land in a higher tax bracket which will significantly affect their benefit. In fact, if you run the numbers a 529 is by far the better education savings vehicle with some limitations (education only, limited to certain state schools) or a basic Roth or IRA would prove better (even without the $1k kickstarter) because only the gains are taxed as capital gains. The Trump Account withdrawals (principal and gains) are all taxed. Not for me.
Wealthy families don’t need an account for their child.
NO, NO, FRAUD ONCE AGAIN GIVING OUT ” FREE $$$ WHICH THEY WILL BLOW ON JUNK.
I applaud President Trump’s efforts and foresight here. I think it will encourage good financial stewardship and will help many kids get a better start in life.
Financial illiteracy is a scourge on our nation.
But it’s a natural outgrowth of an education system that ranks among the bottom systems in the world and produces so many students who can’t read, write or do math at anywhere near grade level.
It’s sad to see so much eeyorism expressed in response to this potentially life changing and wonderful investment in the future of America’s children.
Well done, Grandpa Donald!
“…encourage good financial stewardship”. How does giving someone money just for being alive result in “good financial stewardship”? That only works if the actual parents on the scene have their heads on straight, set a good example, have earned their OWN money, etc.
While he IS a grandpa, POTUS is neither my daddy nor my children’s or great-grandchildren’s Grandpa.
Stepping away now. Sorry for saying what I’m thinking, everyone.
It’s seed money to start a savings account!
Bye
Well done.
Thanks, wolvy.
It’s puzzling to see so many posters insisting it’s a bad thing to encourage savings and investment for America’s children.
Meanwhile, on a happier note, I thought of you recently when someone sent me this:
https://x.com/Rainmaker1973/status/2013121744043672009?s=20
Eeyorcsm is right! please read about it prior to throwing rocks.
Parents who can afford to send their kids to schools costing $50,000 or more per year will be able to very easily put in $5,000 per year and get another tax break.
How much will truck drivers, enlisted military and cops be able to put in?
It doesn’t have to be that amount. That’s the Max per year.
President Trump has brought about this plan to encourage families to have children. This nation has a very low birthrate which means a very difficult time financially in future generations!
It’s a private account, not a government account. You have to set up for your child. There’s a process to let the Treasury know after you’ve completed the necessary information, including the child’s social security number.
The democrats will find a way to raid and spend these funds and write IOUs…just like they do with social security.
Very exciting! This program has huge potential. President Trump is equipping next generation to be competent engaged investors.
Will ultimately be roadblock to stakeholders pushing progressive programs/initiatives that negatively affect bottom line. …Vested Americans will aggressively push back en masse, when they try.
Better yet, make it a IRA account.
Bank of America to match $1,000 government deposits for Trump accounts
https://www.foxbusiness.com/politics/bank-america-match-1000-government-deposits-trump-accounts
I think BoA is the most dishonest bank of them all.
Lol, the same bank that was responsible last year for identity theft and did pretty much nothing to help me get it back! THAT B of A? Hard pass! Their rep acknowledged that there are so many fraudulent B of A web sites it’s nearly impossible to tell which site you’re on.
I think that is for their own employees that BOA says are qualified.
Maybe this could be a precursor to eventually establishing IRA with partial privatization of Social Security.
“Steak n Shake pledges to support our employees’ children with a $1,000 match to @TrumpAccounts for every child born between 2025 and 2028.”….
If the dems can buy votes I guess Trump can buy votes too.
If it a $1000 per child, I’d be glad to support that. As long as we can police any possible fraud that will inevitably pop up.
This May:
1)Give a boost to lower / middle income families 2) Create the belief in our US growth and our capitalism goodness
3) Give our American kids a reason/lesson to NOT follow the dem/socialist/communist movement
4) help fund young people’s start in life through the trades or higher ed (we need more apprentice programs)
5) and, maybe, help stimulate family growth (we need more families to start and grow )
. This has the potential to faze out social security and replace it with a privatized plan. Politicians have so thoroughly screwed up the social security program we have today that there will be nothing for the future generations.
The more you contribute the less your child will be able to get in Pell Grants and low interest student loans.
I have a little grandson on the way. When I told my pregnant daughter about this savings account the baby began kicking. Looks like he is going to be a wonderful listener.
What happened to our Treehouse? I come here today to enjoy the enlightenment of sundances articles. I slip down into the comments to enjoy the thoughts of our members.
THEN…so much pessimism.
I meet with the lowest frequencies and want to ask a question.
Is it possible, so late in the “game,” that there could be so many who are unaware of the positive changes that are happening every minute of the day?
Pray — thank God, and Rejoice!
This could ultimately be Trump’s biggest and longest lasting legacy. 50, 60, 75 yrs from now people will still be bragging and comparing what their Trump account is worth.
It’s unfortunate he won’t be alive when the fruits of this program fully unfold. Compounding starting at age 0 will be create incredible results.