The GOP Wants to Auto-Enroll Your Child in a 'Trump Savings Account'

[4th]

The GOP Wants to Auto-Enroll Your Child in a 'Trump Savings Account'
https://www.kiplinger.com/taxes/gop-proposes-maga-savings-accounts

Introduced in the “One Big Beautiful Bill Act” (OBBA), so-called Trump accounts would allow parents, relatives, and others to contribute $5,000 annually for a child’s future educational, homeownership, and entrepreneurial expenses.

The federal government would seed this tax-advantaged account with $1,000.

The savings would grow “exempt from taxation” (more on that below) until the child reaches 18. By then, there could be tens of thousands of invested dollars for your child’s use.

Sen. Ted Cruz (R-Texas), who proposed the savings account initiative, told Semafor, “There are many Americans who don’t own stocks or bonds, are not invested in the market, and may not feel particularly invested in the American free enterprise system. [Trump accounts] will give everyone a stake.”

If the savings account idea sounds familiar, that’s because it is. Democrats have proposed so-called "baby bonds" in the past, which would also offer $1,000 seed money to eligible children, but failed to gain bipartisan support.

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[SheltieLover]

1. No thanks slob.

[Silent Type]

2. I bet most new parents take it gladly. Still doesn't make trump's BBB better.

[bucolic_frolic]

3. And if they invest in Big Tech they can be millionaires by age 18

and never have to work a day in their lives. They can sit around and eat burgers and fries forever!

[4th]

11. Aha! That has to be it. n/t

[CentralMass]

5. Sounds like a a potential crooked scheme.

[Irish_Dem]

7. It Trump is doing it, has to be a grift.

[CentralMass]

8. I remember whem some universities started taking out life insurance policies out on students

https://www.businessinsider.com/colleges-taking-out-insurance-policies-on-students-2014-12

[Irish_Dem]

12. Nothing Trump does would surprise me.

[Dixiegrrrl]

13. I read years ago that big companies have been doing that for years.

Even after the employee leaves, they keep the policy open.
Employees never know about it.

Trump's idea is not new, but the odds of it being legit are astronomical.

[greatauntoftriplets]

6. With tariffs, rising commodity prices, and the significant loss of healthcare coverage...

who is going to have $5,000 to put in a child's account every year?

[ProudMNDemocrat]

9. When my younger granddaughters were born in 2011 and 2013.....

My daughter opened 529 accounts for just that purpose. Starting with $100 each, and pitching in each year between 3 sets of grandparents as well. We contributed $500 to $1,000 for the girls accounts each year. With it being just me now, I will do the $500. I am sure their College Accounts have enough for 1 year of college already if that is where they desire to go after high school. I also have monies set aside in my will to contribute to their college costs.

The girls graduate High School in 2029 and 2031 respectively.

TACO Don see this as another means to grift more than likely.

[Wingus Dingus]

10. Be leery of anything they do.

It's not a gift. It never is.