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Companies pledge matching donations for Trump Accounts seed deposits
The accounts let eligible children receive a one time $1,000 government seed deposit, with additional contributions allowed up to $2,500 per year starting July 5.
Millions of “Trump Accounts,” a new savings program for children, are set to begin with an initial $1,000 deposit funded by the U.S. Treasury, and nearly three dozen companies and philanthropists have pledged matching donations, according to Yahoo Finance.
The program is available to any child under 18 with a Social Security number, but only those born between Jan. 1, 2025, and Dec. 31, 2028 qualify for the one time $1,000 government seed payment. Parents and others can contribute up to $2,500 per year beginning July 5, subject to a $5,000 annual cap on contributions, while charitable organizations and state governments can also contribute amounts that do not count toward the annual limit.
Hedge fund founder Ray Dalio and his wife, Barbara, pledged $250 each to about 300,000 children in Connecticut ZIP codes with household median incomes below $150,000. Michael and Susan Dell are providing eligible children aged 10 and under who live in ZIP codes with a median income of $150,000 or less a $250 contribution, with that commitment estimated at $6.25 billion.
The list of pledges also includes Altimeter Capital CEO Brad Gerstner, who said he would donate $250 to each Indiana child under 5 with a Trump account, and Rap artist Nicki Minaj, who pledged between $150,000 and $300,000 for her fans’ children’s accounts. Treasury Secretary Scott Bessent also said 20 U.S. states are working to meet the administration’s “50 State Challenge” to help fund the accounts.