Auto-Enrollment Lifts Trump Accounts to 70 Million as Parents Must Claim $1,000 Deposits
Updated
Updated · The Washington Post · Oct 7
Auto-Enrollment Lifts Trump Accounts to 70 Million as Parents Must Claim $1,000 Deposits
3 articles · Updated · The Washington Post · Oct 7
Summary
70 million children now have Trump Accounts after Treasury began automatic enrollment, up from about 10 million, and Trump urged parents Wednesday to claim the accounts through the app or IRS.
Children born from Jan. 1, 2025, through Dec. 31, 2028, can receive a one-time $1,000 deposit, but parents or guardians must elect to take it.
Treasury said auto-enrollment especially helps lower-income families and could draw billions of dollars a year in added contributions; the White House said about 80% of accounts are tied to families earning under $200,000.
New rules also let companies donate individual stocks rather than only index-fund investments, with recipients required to hold those shares for five years despite the added concentration risk Treasury acknowledged.
The program, launched in July, has already attracted large donors including Michael and Susan Dell, whose $6.25 billion commitment is now expected to fund $250 contributions for up to 25 million children under 11.