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Trump Accounts launch for American children with $1,000 newborn subsidy
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Trump Accounts launch for American children with $1,000 newborn subsidy
A new US savings scheme for children under 18 has launched, offering a $1,000 starting contribution for babies born during the 2025–2028 period.
- Trump Accounts are available to all US children under 18, with a $1,000 contribution for babies born between 2025 and 2028.
- The White House reported that families had contributed nearly $125 million to Trump Accounts by the end of the launch week.
- Approximately six million families had signed up before the scheme went live on 4 July, according to provisional data.
- By law, funds must be invested in a low-cost index fund, and withdrawals before age 59½ incur taxes and a possible 10% penalty unless used for education, a first home, or emergencies.
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