About 1.3 million children have received $1,000 each in federal contributions to Trump Accounts since July, at a reported taxpayer cost of $1.3 billion. The White House says nearly 70 million of the tax-deferred investment accounts have been created for Americans under 18 since their July 4 launch.
The one-time Treasury contribution is available to U.S. citizen children born during President Donald Trump’s second term. Other children under 18 can use the accounts without that contribution. A parent or guardian must claim an account, and the money becomes accessible in the year the child turns 18.
Supporters point to an opportunity to begin investing early. Bryce Webber, a Scottsdale financial adviser who chose an account for his daughter, encourages parents to research the benefit. Critics question the taxpayer cost and say the tax advantages favor wealthier families.
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