WASHINGTON (dpa-AFX) - The Trump Administration has announced that nearly 70 million Trump Accounts have now been created, including more than 60 million through automatic enrollment.
The White House claimed that with automatic enrollment now complete, every American child under 18, with a Social Security number, has an account in their name. 'Now, parents or guardians just have to claim their child's Trump Account on the Trump Accounts App and unlock what's waiting for their child,' it said.
At a ceremony held at the White House Wednesday, President Donald Trump celebrated the milestone alongside Trump Account recipients, Treasury Secretary Scott Bessent, IRS CEO Frank Bisignano, philanthropists Michael and Susan Dell, and Brad Gerstner, whose big contributions helped fund millions of Trump Accounts.
'Today we celebrate our next historic, and that's really what it is, step to ensure every American child has a fair shot at the American dream. Today I'm pleased to announce that every single eligible minor child in America has now been automatically enrolled in a Trump account. So last summer I signed the great Big, Beautiful Bill delivering the largest tax cuts in American history, and that included in there, approved by Republicans. the Trump accounts. And under this program, the U.S. government is automatically creating a tax-free investment account for every child to grow over the course of their lives and to be used to their benefit and for their benefit after they turn 18,' said Trump.
Parents and guardians simply need to claim their child's account through the Trump Accounts App. Claiming an account allows parents to manage it, unlock contributions from family and friends, and receive the one-time $1,000 seed contribution for eligible children.
Since its launch on July 4, more than $4.5 billion has been deposited into Trump Accounts, including $1.3 billion in $1,000 seed contributions, more than $600 million in direct contributions from family and friends, and $2.6 billion in philanthropic gifts.
An estimated 80 percent of accounts are linked to families earning less than $200,000 annually.
Family and friends can contribute up to $5,000 per year; employers can contribute up to $2,500 per year, subject to the overall $5,000 annual contribution limit, and children can qualify for philanthropic contributions that are automatically deposited into their accounts. More than 70 companies have already committed to Trump Account contributions for their employees.
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