Within Donald Trump's big ugly bill is the creation of a new savings plan for children with the MAGA friendly name Trump Account. Yes, that name is baked into the law is what it is. Now, their overall idea isn't radically new. Similar ideas have been proposed by Democrats before, by Republicans before. And this new program functions functions essentially like individual retirement accounts with a few complicated rules. and they come with a $1,000 initial deposit from the federal government for children born ...

Program Overview - A new savings plan called "Trump Account" is being created for children [1] - The program is similar to individual retirement accounts with some complex rules [2] - Children born between January 1st, 2025 and December 31st, 2028 will receive an initial deposit of $1,000 from the federal government [2] - Parents can contribute up to $5,000 per year in tax-deferred contributions until the child turns 18 [3] Potential Implications - Treasury Secretary suggests the new Trump accounts could be a "backdoor for privatizing Social Security" [3][4]