Michael and Susan Dell donate $6.25B to fund 'Trump accounts'

Michael Dell, founder and CEO of Dell Technologies, and his wife, Susan, have pledged $6.25 billion to support a new federal savings program created for America’s children, known as "Trump accounts."The program, tucked into the One Big Beautiful Bill Act and signed into law by President Donald Trump on July 4, provides every child born between Jan. 1, 2025, and Dec. 31, 2028 with a one-time $1,000 government deposit at birth. Families can open an account once the child has a Social Security number, and funds cannot be withdrawn until the child turns 18.Parents and relatives may contribute up to $5,000 annually, with the cap potentially adjusted for inflation after 2027.HOW THE 'BIG, BEAUTIFUL BILL' GIVES AMERICAN BABIES A FINANCIAL HEAD START"These investment accounts are simple, secure, and structured to grow in value through market returns over time. At age 18, these young Americans can have a financial foundation for continued education, job training, home ownership, or future savings. It’s a simple yet very powerful idea," the couple said in a statement. That long-term potential, they said, is why they chose to help bring the program to millions more families."Through our charitable funds, we are thrilled to be contributing $6.25 billion to seed 25 million additional accounts with $250 each. These deposits will reach the accounts of most children age 10 and under who were born prior to the qualifying date for the federal newborn contribution," the couple said. The new investment comes as Trump is expected to share additional details about the program on Tuesday.'TRUMP ACCOUNTS' FOR NEWBORNS COULD GROW TO $1.9M, TREASURY SAYSTreasury projections show that the "Trump accounts" offered to American children could grow into a seven-figure nest egg by adulthood, if maximized and left to compound.The financial head start for newborns could grow to as much as $1.9 million by the age of 28 if fully funded and left untouched, according to the Treasury Office of Tax Analysis.GET FOX BUSINESS ON THE GO BY CLICKING HEREEven at the lower end of projected returns, the savings account could still yield nearly $600,000 over the same period.Even without additional contributions beyond the federal government’s initial $1,000 deposit, the Treasury estimates the account could grow to between $3,000 and $13,800 over 18 years.Weiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business