Bisignano Targets 70 Million Children for Trump Accounts as Sign-Ups Reach 6.5 Million
Updated
Updated · CNBC · Jul 16
Bisignano Targets 70 Million Children for Trump Accounts as Sign-Ups Reach 6.5 Million
2 articles · Updated · CNBC · Jul 16
Summary
70 million children under 18 could ultimately get Trump Accounts, IRS CEO Frank Bisignano said, framing the goal as enrollment for virtually every U.S. family.
6.5 million children had been signed up as of July 10, Treasury data show, and Bisignano said simpler distribution through tax-prep companies and banks should accelerate take-up.
$1,000 in federal seed money for babies born from 2025 to 2028, plus possible employer matches and philanthropic grants, are central to the push to broaden participation.
Automatic enrollment is also under discussion: Altimeter Capital's Brad Gerstner said earlier this month he hoped the government and Social Security Administration could create 70 million accounts within months.