The Treasury Department and IRS are moving to automatically establish Trump Accounts for millions of eligible children, a major expansion of the investment program created under President Donald Trump’s tax and spending law.
Temporary regulations issued by Treasury and the IRS establish a system that allows the Treasury secretary to create an account for an eligible child without requiring a parent or other authorized person to first make an election. The rules call for auto accounts to be created for eligible children who do not already have Trump Accounts, with Treasury saying the structure is designed to broaden participation while protecting taxpayer information.
The department estimates the regulations will affect...
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