Up to 25 Million Trump Accounts Could Be Funded by Mid-October, IRS CEO Frank Bisignano Says
Up to 25 million Trump Accounts could be funded by mid-October, IRS chief Frank Bisignano told CNBC's "Power Lunch."
TL;DR
- Up to 25 million Trump Accounts could be funded by mid-October.
- More than 60 million American children have been enrolled in Trump Accounts.
- Trump Accounts, also known as 530A accounts, are tax-deferred savings and investment accounts for U.S. children under 18.
- The Treasury Department offers a $1,000 pilot program seed money for children born from 2025 to 2028.
- Michael and Susan Dell committed $6.25 billion to fund accounts for children born between 2016 and 2024.
- Families must claim auto-enrolled accounts via the Trump Accounts app to receive seed money and other deposits.
- About 72 companies have pledged to match contributions for children of employees.