Donald Trump has made another promise to give away money to the citizens of the USA, and this time he’s giving it to the very newest citizens.
No, he’s not talking about adults this time - quite the opposite - this time Trump is planning to give ‘Trump Accounts’ to American children.
What are these Trump Accounts actually for?
If you remember Donald Trump’s promise to give $2,000 dollars to every US citizen - and how could you forget? - this is a little bit like that.
Not in the sense that there is a constant argument over whether it is a good thing, whether it will actually happen, when it will be paid, or how it will be paid for - although there is a bit of that - this promise is one that he’s actually set out the criteria for.
Explaining in clear terms on the White House X account, it states that children born between 2025 and 2028 who are US citizens will be eligible for a Trump Account with a starting $1,000 contribution from the US government.
All children under 18 with a social security number will be able to get a Trump Account, where family, organizations, charities, and the government can contribute up to $5,000 total per year to the accounts, and ‘governments and qualifying charitable organizations may make additional contributions that do not count to the limit’.
The post concludes: “Start date: parents, friends, family, and employers can begin making contributions on July 4, 2026.”
The rules as the White House has them. Credit: X
What exactly does this mean for parents who want Trump Accounts for kids?
Well, it’s a bit more complicated than it might seem.
You need the following - the child must be born in the years stated, so under 18, and have a social security number.
Parents can put in up to $5,000, and employers may add in $2,500 per child per year.
Where it gets strange is the idea that charities and other organizations can contribute, like the billionaire Dell family has promised to do.
Provided that the contributions are made on equal basis to all children in a certain geographic area or birth year, that is.
See how things get a bit more tangled up?
There are also rules on investments that can be made within Trump accounts, as well as tax concerns too, which are yet to be properly explained or planned out, and - according to some experts - the idea of a Trump account might seem great because of the $1,000 start, but in reality it depends on how long you wait to use it.
It’s no doubt an option for saving for a child’s future from the very start, but it is much more complex than just a starter account for all new children, and it isn’t a magic bullet for ensuring that all kids have a steady financial footing in life.