← U.S. Wealth Inequality & the OBBBA
The OBBBA introduced the 'Trump Account', a new birth-to-retirement custodial account allowing parents and employers to contribute up to $5,000 per child per year (employers up to $2,500 tax-free), with funds growing tax-deferred and inaccessible until age 18, when the account converts to a traditional IRA.
reported by 3 outlets · Reported fact · first recorded Jul 9, 12:46 PM
How each outlet reported it
fool.comUnrated · Jul 9, 12:46 PM
The OBBBA introduced the 'Trump Account', a new birth-to-retirement custodial account for children.
Details: Trump Account; birth-to-retirement; children
fool.comUnrated · Jul 9, 12:46 PM
Parents and employers can contribute up to $5,000 per child under the age of 18 each year to Trump Accounts.
Details: $5,000 per child; under 18; per year
fool.comUnrated · Jul 9, 12:46 PM
Employers can contribute up to $2,500 of the Trump Account limit completely tax-free for the employee.
Details: $2,500; tax-free
fool.comUnrated · Jul 9, 12:46 PM
Trump Account funds grow tax-deferred and convert to a traditional IRA when the child turns 18.
Details: tax-deferred; age 18; traditional IRA
aol.comUnrated · Jul 9, 12:46 PM
The law created Trump Accounts with a $1,000 Treasury deposit for eligible newborns, available to children born between January 1, 2025, and December 31, 2028
Details: $1,000; January 1, 2025; December 31, 2028
aol.comUnrated · Jul 9, 12:46 PM
More than 6 million Americans have opened Trump Accounts
Cites: Scott Bessent, U.S. Treasury Secretary · Details: 6 million
finance.yahoo.comUnrated · Jul 9, 12:46 PM
The OBBBA introduced the 'Trump Account', a new birth-to-retirement custodial account for children.
Details: Trump Account; birth-to-retirement
finance.yahoo.comUnrated · Jul 9, 12:46 PM
Parents and employers can contribute up to $5,000 per child under the age of 18 each year to a Trump Account.
Details: $5,000 per child; under age 18; per year
finance.yahoo.comUnrated · Jul 9, 12:46 PM
Employers can contribute up to $2,500 to a Trump Account completely tax-free for the employee.
Details: $2,500; employer contribution; tax-free
finance.yahoo.comUnrated · Jul 9, 12:46 PM
Trump Account funds grow tax-deferred like a traditional IRA but are not tax-deductible.
Details: tax-deferred; not tax-deductible
finance.yahoo.comUnrated · Jul 9, 12:46 PM
Children cannot access Trump Account funds until they turn 18, when it converts to a traditional IRA.
Details: age 18; converts to traditional IRA