Golden Finance reported that on Monday local time, Trump officially announced the “Trump Savings Account” plan at a roundtable meeting with ceos of Dell, Goldman Sachs and Uber, saying that it is one of the “most important” policies of his second term. This plan is part of the “Great Beauty Act” that Trump passed in the House of Representatives last month.
According to the proposal, the US Department of the Treasury will provide a $1,000 investment account for children born in the United States between January 1, 2025 and January 1, 2029, and newborns will automatically join the program. Parents or other account custodians can deposit up to an additional $5,000 in after-tax funds into these accounts each year. These funds will be invested in index funds that track the US stock market, and the funds can be distributed after the beneficiaries reach the age of 18.
A White House official confirmed that the chief executives of several major companies are expected to announce on Monday that they will jointly invest billions of dollars to set up “Trump Savings accounts” for the children of their employees.
Trump said that the plan would provide every child with the “starting point of the American Dream” and help families accumulate wealth through long-term investment. However, some analyses point out that this plan may face challenges such as high financial costs and market volatility risks. Moreover, high-income families are more capable of increasing their savings, which may trigger fairness disputes.
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