What Are Trump Accounts? Here’s What Parents Need to Know
Video Overview & Insights
Watch the full episode here: https://youtu.be/RGlVoLjNNRQ
Hi everyone! A quick clarification on the Trump Account stipulations.
Children born 2025-2028 are eligible for Trump Accounts, with the account itself able to be opened starting in 2026. So sorry for the confusion and thank you all for bringing this oversight to our attention!
Sources:
https://www.kiplinger.com/taxes/gop-proposes-maga-savings-accounts
https://www.kitces.com/blog/obbba-one-big-beautiful-bill-act-tax-planning-salt-cap-senior-deduction-qbi-deduction-tax-cut-and-jobs-act-tcja-amt-trump-accounts/
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0:25 What if the child(ren) are born abroad to U.S. citizens (i.e. people in the military or living abroad)?
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I can get a total market ETF for .03 vice the .10 on the Trump account which only has the S&P 500
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I have a new born and a 2 and a half year old. Both have 529s
What other account do you recommend for them for their future?
More User Perspectives
$1000 seed account for American kids is a brilliant idea. This should be an American promise to America’s children. Why anyone’s name is tattooed on the account is silly when it’s American money for our nation’s future and their financial security.
@anthonyc8499I'm 51yrs old. $40,000 weekly and I'm retired, this video have inspired me greatly in many ways that I remember my past of how I struggled with many things in life to be where I am today!!!!❤
@omargonzalezztt🤢🤮
@girldaddividendinvestor$1000 today and your child will have $650,000 at retirement in 65 years. At the current rate of inflation what will that buy them a dinner and a movie in the year 2090. LOL
@Cajun1978And now queue, everybody bitching and pissing and moaning because their child was born before this was available. 😢
@cortezandthekillersThey're handouts.
@cur244I don't know why y'all keep repeating January 1, 2026 when it's January 1, 2025. From the bill itself (on Congress's official page): "This section also authorizes a one-time federal government deposit of $1,000 into a Trump account for individuals born after December 31, 2024 and before January 1, 2029."
@gecsword0922They did this in the uk 20 years ago with gpb 500 for each child. We put in 100 a month for each child after that and they had enough for a down payment on a house on leaving high school.
@TeresaW1475There is a non 0% chance that the money in the account is "invested" in Trump Coin 💀
@KingUnKagedPeople are asking why it's until 2028. It's simple really. Trump leaves office, God willing, in 2029. It's only while Trump is in office so he can take credit
@WarEagle1023Honestly I think this is way too limited to bother with. It’s just a headache and one more random account type that only one of my children can access. No thanks
@pandajacket1598I keep hearing that it starts Jan 1 2026, but also that it goes back to Jan 1 2025. As someone with a kid born in 2025 I'm really trying to figure it out.
@TheMrg59It's actually a great idea, except for being just a 3 year window. Why not make it indefinitely? Is this just an experiment? It's easy to just say it goes to an index fund and can be accessed at 59 or whatever established ages.
@dustinjones8887What you’re describing is the children eligible for the government contributions. Any child can have one of these accounts opened for them regardless of birth year and parents can contribute up to $5k after tax money. You’re either not explaining the law fully or leaving out an important piece. This is a good supplemental account for parents who want to set up their child with seed money in a tax efficient way.
@sandman123-abcPretty sure it’s retroactive to January 2025
@shaneweddle4197Stay out of women’s body parts people $1000 is nothing
@thebirdnest4195It has Trump’s name on it. You know it’s gonna fail. Why do you guys sound excited about it?
@thebirdnest4195You’re tripping it’s not gonna happen
@thebirdnest4195Can you talk about project 2025 tracker? It says that they have accomplished 47% of their mission. This is scary.
@thebirdnest4195