On Monday local time, Trump officially announced the "Trump savings account" at a roundtable meeting with CEOs such as Dell, Goldman Sachs and Uber, saying it was one of the "most important" components of his second term. The "Trump Savings Account" is part of the "Big Beauty Act" passed by Trump in the House last month. The proposal requires the Treasury Department to provide a $1,000 investment account for children born in the United States between January 1, 2025 and January 1, 2029. Newborns will automatically join the program. Parents or other account custodians can deposit up to $5,000 in after-tax funds into these accounts each year, which will be invested in index funds that track U.S. stock markets. The beneficiary can allocate funds after the age of 18. A White House official confirmed that the CEOs of a number of major companies are expected to announce on Monday that they will jointly invest billions of dollars to set up a "Trump savings account" for the children of their employees. (From Glodge App)
