Trump signed the “One Big Beautiful Bill” into law on July 4, implementing new tax policies and changes to federal programs, including SNAP.
The bill also introduced so-called Trump Accounts, which are specialized retirement accounts for US children. They were previously referred to as “money account for growth and advancement,” or MAGA accounts.
The Trump administration said children born between January 1, 2025, and December 31, 2028, who open Trump Accounts, would receive a one-time $1,000 tax-free federal grant. US children with a valid Social Security number are eligible. Friends, family, and others are allowed to deposit another $5,000 tax-free into those accounts.
The White House said several CEOs agreed to invest in Trump Accounts, including Uber CEO Dara Khosrowshahi and Goldman Sachs CEO David Solomon.
In December, Michael and Susan Dell pledged to invest $6.25 billion to support Invest America, the federal program that spearheaded Trump Accounts.
Hedge fund manager Ray Dalio has also pledged to deposit $250 into the Trump Accounts of 300,000 Connecticut children. Some large companies, like BlackRock, have offered a $1,000 match for the children of eligible employees.
At an event in Toledo, Ohio, in January, Vice President JD Vance joked that the accounts played a role in his and Second Lady Usha Vance’s decision to have a fourth child, which is due in July.
“You know, we were debating having a 4th child, and I said, ‘honey, you know the new Trump accounts and the increased child tax credit are coming online, we got to take advantage of this stuff,” Vance said.
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