Every Family Could Get a Trump Account, Says IRS Chief

What Are Trump Accounts?

Imagine a special piggy bank for kids that the government helps with. Trump Accounts are new tax-deferred investment accounts for children. "Tax-deferred" just means you don’t pay taxes on the money growing inside right away — you pay later, usually when you take it out.

These accounts are made to help families save and build wealth for their children.

What the IRS Chief Said

Frank Bisignano is the CEO of the IRS (the tax agency) and has been chosen to lead the expansion of Trump Accounts. He also runs the Social Security Administration. On Thursday, he spoke to CNBC’s "Squawk Box" and shared big plans:

• He expects that someday, every family could have one of these accounts for their kids.
• His goal is to have 70 million children under 18 enrolled in a Trump Account.
• He said, "We should have every family enrolled in a Trump Account."

Important Point: As of a July 10 count by the U.S. Treasury Department, families have already signed up 6.5 million children — but the target is 70 million!

How Will They Sign People Up?

Bisignano says enrolling will be super simple, like using an app. Here’s what he’s doing:

1. He met with CEOs of tax-preparation companies (the folks who help you do taxes) to talk about how they can give out Trump Accounts.
2. He is looking at banks as another way to distribute the accounts.
3. He called it "a technology business" and promised to make enrolling easy for people.

Brad Gerstner, a CEO who helped create Trump Accounts, also suggested the government could automatically enroll kids:

• He hopes the Social Security Administration will auto-create 70 million accounts for every kid under 18 in the next few months.

Why Would Families Join?

There are cool money boosts to encourage sign-ups:

• $1,000 free seed money from the federal government for babies born between 2025 and 2028.
• Matching funds from employers — like your boss adding extra cash to the account.
• Grants from philanthropists (generous rich people who give money away), such as Michael and Susan Dell.

Bisignano says these incentives are why he’s so confident they’ll reach 70 million kids.

Important Point: The free $1,000 and other matches are like free money to help the account grow — a big reason to enroll!

Summary

The IRS chief wants every family to have a Trump Account for their kids, with a goal of 70 million children signed up (only 6.5 million so far). Enrollment will be easy through tax companies and banks, and kids may even be auto-enrolled. Free government money, employer matches, and philanthropist grants make it attractive.

FAQ

What is a Trump Account?
It’s a tax-deferred investment piggy bank for children under 18 that helps families save money for their future.

How many kids are in Trump Accounts now?
About 6.5 million children were enrolled as of July 10, according to the U.S. Treasury.

Is signing up hard?
No! The IRS chief says it will be simple using technology, and the government might automatically enroll eligible kids.

Do I get free money for opening one?
If your baby is born between 2025 and 2028, you get $1,000 from the government. Employers or charities may add more.