WASHINGTON—Nearly 70 million Trump Accounts have been created for American children, including more than 60 million through automatic enrollment, as the administration expands the tax-advantaged investment program nationwide.
The accounts are available to children under 18 with a valid Social Security number. Parents and guardians must claim the accounts before they can manage them, receive contributions and access the one-time $1,000 federal seed contribution available to eligible children.
According to the administration, more than $4.5 billion has been deposited into Trump Accounts since the program launched July 4.
That total includes about $1.3 billion in federal seed contributions, more than $600 million from family and friends and approximately $2.6 billion in philanthropic contributions.
The administration estimates that about 80% of accounts are associated with families earning less than $200,000 a year.
Family members and friends can contribute up to $5,000 annually to an account. Employers can contribute up to $2,500 a year, subject to the overall annual contribution limit. More than 70 companies have committed to making Trump Account contributions for employees, according to the administration.
The accounts are intended to give children an early start on long-term saving and investing while introducing families to concepts including compound growth and diversification.
Parents and guardians can claim an account through the Trump Accounts app.
The program was created under the Working Families Tax Cuts legislation and has become one of the administration’s signature efforts to encourage long-term household investment and wealth building.