The Trump administration wants American parents to open federally-backed investment accounts for their children, and billionaire CEO Michael Dell plans to sweeten the deal.
Dell said he and his wife, Susan Dell, will gift $250 to the first 25 million qualifying American children who sign up for Trump Accounts.
"This makes every child a shareholder in the greatest prosperity-creating engine the world has ever known — American capitalism," Dell wrote in an X post.
US Treasury Secretary Scott Bessent said the Trump Accounts app is outfitted with a "full suite" of capabilities. "You can start funding your child's account, exploring financial education modules, and more," Bessent wrote on X.
To register, parents must sign in to or create an Internal Revenue Service account. They can then submit Form 4547 to elect their child. The form can be submitted in the Trump Accounts app, when filing taxes, or on the IRS website.
Trump Accounts, established under the Working Families Tax Cuts Act, are tax-deferred investment savings accounts for US children under 18. Families can contribute up to $5,000 each year to the accounts, which will function like a traditional IRA once a child reaches adulthood, the White House says.
Parents with a child born between January 1, 2025, and December 31, 2028, who have a valid Social Security number, can also opt in to receive a one-time $1,000 desposit from the US Treasury Department into their child's account.
The initiative has drawn support from over a dozen philanthropists and companies in addition to the Dell family. BlackRock, Chipotle, MasterCard, Block, Robinhood, and Chime were among those on the list.
Trump on Friday urged more American businesses to help fund the accounts.
"The Department of Treasury will now accept philanthropic contributions of readily tradable Publicly Traded Stock to help fund TRUMP ACCOUNTS for eligible American children," Trump wrote in a Truth Social post. "This opens the door for GREAT American Businesses, Philanthropists, and Job Creators to invest directly in the future of our children, and help build a Generation of Savers, Investors, and Owners."
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Lauren Edmonds is an award-winning reporter on the Business News team. When news isn't breaking, she covers personal finance, kitchen-table economics, and paths to financial freedom, including investing, real estate, side hustles, and small business. She also writes about guaranteed and universal basic income programs in the United States.Lauren has also covered lifestyle and entertainment, digital culture, and more. She has a master's degree from the Columbia University Graduate School of Journalism and resides in New York City.Do you have an interesting story to tell? You can reach Lauren at [email protected] or on Signal at ledmonds0.07.Popular StoriesNetflix wants to be Disney when it grows up Why Hollywood is paying this 17-year-old up to $20,000 to boost film trailers with TikTok editsHere's all the free money Trump's talked about giving Americans during his second term — and where it all standsA 17-year-old earned $72,000 after investing his e-commerce profits into stocks. Here's why he bet on the tech industry.Lawmakers float a nationwide basic income experiment that would cover the cost of a 2-bedroom apartmentNearly 30,000 Americans have received about $335 million in basic income. Here are 5 takeaways. Americans ditch suffocating healthcare costs and divisive politics to retire in Italy: 'It's the way they approach life'From 'road-schooling' to gas that costs $500, this family of 4 shares what it's like living in a solar-powered Greyhound bus
