The New York Stock Exchange will be opened from the Oval Office next week to mark the opening of Trump Accounts, White House economic adviser Kevin Hassett said Monday. Trump Accounts are IRA-style savings accounts for eligible children, providing parents of children born between 2025 and 2028 with $1,000 to invest.
Details of Trump Accounts
The accounts will grow tax deferred, similar to traditional IRAs. However, the rules for Trump Accounts differ when it comes to contributions, withdrawals, and approved uses of the money. The money may not be tapped before a child turns 18.
Families will be able to start contributing to the accounts on July 4. Initially, the accounts did not plan for children in foster care, but child welfare advocates brought the issue to first lady Melania Trump’s office. The first lady announced ‘Fostering the Future Accounts’ and offered updated guidance that allows state child welfare agencies and foster youth representatives to set up the accounts for those children.
Original reporting: KRDO (Colorado Springs metro) — read the source article.
