$1,000 ‘Trump Accounts’ Launched for Newborns in the United States

US President Donald Trump on Wednesday announced the launch of “Trump Accounts”, under which the US government will automatically open a tax-free investment account for every child born in the country.

According to the announcement, an initial contribution of $1,000 will be deposited into the account at the time of birth. Parents, employers, state governments, and other donors will be allowed to make additional contributions to these accounts.

President Trump said the initiative would provide every newborn child born in the United States with a financial stake in the future. He described it as a way to ensure that children begin their lives with assets rather than debt.

“We will deposit an initial amount of $1,000 into these individual accounts, which will continue to grow over a lifetime,” Trump said.

He added that over time, these accounts could accumulate substantial sums. The President stated that families and supporters would be able to contribute up to $5,000 per year to each account.

Trump noted that even with modest contributions, the accounts could hold at least $50,000 by the time a child turns 18 years old, and potentially much more.