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Bill Sweeney, AARP\u2019s senior vice president for government affairs, urges eligible families to consider opening the new “Trump Accounts,” a savings program aimed at helping children start building wealth early.<\/p>\n
With an eye on the next generation, a new Trump Accounts proposal aims to turn tax season into more than a yearly chore \u2013 recasting it as a first step toward building lasting wealth.<\/p>\n
Tucked inside President Donald Trump\u2019s sweeping One Big Beautiful Bill Act, the plan would create government-backed investment accounts for children, designed to grow over time.<\/p>\n
The accounts would function much like traditional long-term investment vehicles, but with rules tailored to protect young savers.\u00a0<\/p>\n
Available only to those under 18, they would be funded through federal seed money, private contributions from families and, in some cases, supplemental deposits from employers or nonprofit organizations.<\/p>\n
TRUMP ACCOUNTS, EXPLAINED: WHO QUALIFIES, HOW THEY WORK AND WHEN YOU CAN CLAIM<\/p>\n
Trump Accounts are tucked inside President Donald Trump\u2019s sweeping One Big Beautiful Bill Act. (Tim Clayton\/Corbis\/Getty Images)<\/p>\n
To kick-start the nest egg, the federal government will deposit an initial $1,000 into each new account.<\/p>\n
“If the government is going to give you $1,000, you should definitely take it,” Bill Sweeney, AARP\u2019s senior vice president of government affairs, told Fox News Digital.<\/p>\n
“This is a great opportunity, from our perspective at AARP, for grandparents to help make sure that their grandkids are set on a good financial path and put a little bit of extra money away for their future,” he added.<\/p>\n
Sweeney said anyone can apply for the accounts for a child born between 2025 and 2028.<\/p>\n
“It’s a simple one-page form included with your tax return to open the account,” he added.<\/p>\n
MICHAEL AND SUSAN DELL DONATE $6.25B TO FUND TRUMP ACCOUNTS<\/p>\n
A blank 1040 tax return form from the IRS. (iStock)<\/p>\n
Supporters say the accounts are designed to harness the power of long-term investing to build wealth early.<\/p>\n
“One of the most important parts of wealth creation is what we in finance call compound interest,” said Michael Faulkender, co-chair of the America First Policy Institute\u2019s Center for American Prosperity.\u00a0<\/p>\n
“If you put money into an account and leave it untouched, that initial investment \u2013 and the interest it earns \u2013 can grow into a significant amount over time.”<\/p>\n
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Anyone can start a Trump Account for a child born between 2025 and 2028. (Getty Images)<\/p>\n
“Having an ownership stake in the economy is a more durable way to build wealth and become self-sufficient,” Faulkender said.\u00a0<\/p>\n
“It allows families and their children to benefit directly from economic growth.”<\/p>\n
So far, more than 4 million Trump Accounts have been opened this tax season, according to the Treasury Department.<\/p>\n
#Trump #Accounts #aim #families #build #wealth #starting #tax #time<\/p>\n","protected":false},"excerpt":{"rendered":"
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