Parents Skeptical of Trump's New Children's Savings Plan
WHO:
HuffPost - Mississippi Sen. Bennie Thompson (D) stated, “Trump University already taught us what happens when his name is on the brochure,” comparing the accounts to Trump’s failed university.
BBC - Trump is the name associated with the new children's savings plan called Trump Accounts.
HuffPost - Mississippi Sen. Bennie Thompson (D) expressed skepticism about the program.
HuffPost - Johnson Rhett, a certified financial advisor with Branning Wealth Management, provided insights on the program.
WHAT:
HuffPost - The Dell Foundation has agreed to donate $250 to the accounts of children aged 10 and under who live in zip codes where the median income is $150,000 or less, up to $6.25 billion.
HuffPost - Children in Connecticut are eligible for an additional $250 thanks to a donation by Dalio Philanthropies.
BBC - Trump Accounts are a new savings scheme for American children.
HuffPost - The official launch of Trump Accounts occurred this week.
HuffPost - The Joint Committee on Taxation estimated that Trump Accounts will cost the federal government around $15 billion through 2034.
HuffPost - Each qualifying applicant born between 2025 and 2028 would receive $1,000 in government seed money.
HuffPost - An untouched Trump Account could total around $5,000 by the time the child is 18, according to J.P. Morgan.
HuffPost - Contributing an additional $250 per year could raise the account to $16,000 by the time the child is 18.
HuffPost - The Dell Foundation has agreed to donate $250 to the accounts of children aged 10 and under in specific income brackets, up to $6.25 billion.
WHERE:
HuffPost - The program is associated with the U.S. Treasury Department.
HuffPost - The accounts are available through the IRS portal.
WHEN:
HuffPost - The accounts will unlock and convert to a tax-deferred Traditional IRA when the account holder turns 18.
WHY:
HuffPost - Parents expressed skepticism about the program, citing concerns over trust and past dealings associated with Trump.
HuffPost - Thompson stated that federal aid should strengthen existing programs like Social Security and food stamps.
HOW:
HuffPost - Parents or legal guardians do not need to download the Trump Accounts app to apply; they can submit IRS Form 4547 through the IRS’s website, which takes an estimated 5 to 10 minutes.
HuffPost - Parents or legal guardians can apply for Trump Accounts by submitting IRS Form 4547 through the IRS’s website, which takes an estimated 5 to 10 minutes.
HuffPost - The accounts are set up to invest the seed money by default into a U.S. stock fund.
(UPDATED July 11, 2026 17:18 UTC)
Mississippi Senator Bennie Thompson has made headlines by comparing the recent financial accounts linked to Trump to Trump University, stating, “Trump University already taught us what happens when his name is on the brochure.” In a significant move, the Dell Foundation has pledged to donate $250 to the accounts of children aged 10 and under in lower-income zip codes, potentially totaling up to $6.25 billion, while children in Connecticut can receive an additional $250 from Dalio Philanthropies. Parents and legal guardians can easily apply for these funds by submitting IRS Form 4547 through the IRS’s website, a process that takes just 5 to 10 minutes.
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(UPDATED July 11, 2026 13:24 UTC)
Trump has launched a new children's savings initiative called Trump Accounts, which aims to provide American children with a financial boost. Each qualifying child born between 2025 and 2028 will receive $1,000 in government seed money, and if left untouched, these accounts could grow to around $5,000 by the time the child turns 18, with additional contributions potentially raising that amount to $16,000. While the program has garnered support, Mississippi Senator Bennie Thompson has expressed skepticism, emphasizing that federal aid should enhance existing programs like Social Security and food stamps.