President Trump sought Monday to boost support for his so-called “Trump Accounts,” which would create $1,000 investment accounts for all newborn American children.
The proposal is tucked inside Mr. Trump’s sweeping legislation to cut taxes and bolster border security, known as the Big Beautiful Bill. It would create Trump Accounts for every U.S. citizen child born between Jan. 1, 2025, and Jan. 1, 2029.
Under the plan, the government would invest $1,000 into an index fund account that tracks the overall stock market and would be controlled and owned by the child’s guardians.
Additional contributions of up to $5,000 annually could be made, and the child would be able to access the funds starting at age 18 for education, purchasing a home or launching a business.
“Extensive research shows that children with savings accounts are more likely to graduate high school and college, buy a home, start a business and are less likely to be incarcerated,” Mr. Trump said at a White House event. “Trump accounts will contribute to the lifelong success of millions of newborn babies.”
The Trump savings accounts would cost taxpayers $3.6 billion annually under its currently proposed $1,000 starting balance, based on 3.6 million births, according to data from the National Center for Health Statistics.
However, Mr. Trump said Monday that the plan will come at “no cost” to taxpayers because it will be funded by savings in the Big Beautiful Bill, including a 3.5% remittance tax on money sent abroad.
The event Monday at the White House was aimed at bolstering support for the bill and the Trump Account provision as the debate over the legislation rages in the Senate. The bill was passed by the House on May 22.
Several CEOs attended the event at the White House State Dining Room, including the heads of Uber, Del Robinhood and Goldman Sachs. They announced billions of collective investments into Trump accounts for their employees.
In statements to the Times, several of the CEOs attending Monday’s event praised the accounts, saying they will generate real savings for American children.
Michael Dell, the CEO of Dell Technologies, said the accounts “will compound into substantial nest eggs providing support for education, home ownership and starting families.” He said Dell will match dollar-for-dollar the government’s seed investment into these accounts for all the children born to Dell employees.
“This bold move to an ownership society for all included in the Reconciliation Bill will have profound and far-reaching benefits for the country,” he said.
Brad Gerstner, CEO of Altimeter Capital/Invest America, called the accounts “a game-changer for every family in America — especially those families too often left out of America’s upside.”
“With just $750 of additional savings per year from family, employers, church or philanthropy, these accounts are worth $50,000 by age 18,” he said.
Jensen Huang, CEO of Nvidia, called the plan “visionary — a seed fund for America’s next generation.” He said Nvidia will support the initiative by contributing to the accounts of employees’ children.
Mr. Trump has sought to have the bill on his desk and signed by the Fourth of July, a deadline that could be slipping away as the Senate Republicans spar over budget cuts and other issues.
Correction: An earlier version of this article gave the wrong start date for those eligible, due to incorrect information provided by the White House.
• Jeff Mordock can be reached at jmordock@washingtontimes.com.