Overview

• At a June 9 White House roundtable, President Trump joined CEOs from Dell, Uber, Goldman Sachs and others to promote the ‘Trump Accounts’ pilot program.
• The proposal would deposit $1,000 into a tax-deferred index fund for each U.S. citizen born from January 1, 2025 to December 31, 2028, with private contributions up to $5,000 per year.
• Beneficiaries could withdraw up to half of their account at age 18 and access the full balance by age 30 for education, home purchases or business startups.
• The One Big Beautiful Bill containing the program passed the House in May and now faces Senate debate with some Republicans citing its estimated $3.6 billion cost as a driver of rising deficits.
• Financial experts question the new accounts’ limited tax benefits compared with existing 529 college savings plans and Roth IRAs, raising doubts about their appeal for parents.