Fetterman Promotes $1,000 Trump Accounts for Kids as July 4 Launch Nears
Updated
Updated · The Philadelphia Inquirer · Jun 30
Fetterman Promotes $1,000 Trump Accounts for Kids as July 4 Launch Nears
3 articles · Updated · The Philadelphia Inquirer · Jun 30
Summary
John Fetterman told Philadelphia families he will open Trump Accounts for his three children and urged others to enroll when the federally backed savings program starts July 4.
Children born from Jan. 1, 2025, through Dec. 31, 2028 will get $1,000 in seed money, and all accounts receive $250 from a $6.25 billion Michael and Susan Dell donation.
At a Nicetown youth basketball camp, Fetterman and Republican Sen. Dave McCormick pitched the accounts as a way to build wealth and financial literacy, with families, businesses and nonprofits able to add up to $5,000 a year.
Fetterman's appearance highlighted his growing partnership with McCormick and a break from his earlier opposition to Trump's domestic policy law, which he had called a "disaster" before voting against it.
Critics, including bipartisan groups and the Cato Institute, say the accounts lack the tax advantages of 529 plans and resemble a government benefit more than a neutral investment vehicle.