Why #billionaires are giving millions to Trump Accounts. #Trump #investing #wealth #business

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0:00Some of the world's richest people want

0:02to give American [music] kids free

0:03money. It's part of this program called

0:05Trump accounts, investment accounts for

0:07children which launched on July 4th.

0:10Kids born between 2025 and 2028 are

0:13eligible for a $1,000 contribution from

0:16the federal government. Parents can

0:18contribute up to $5,000 a year and their

0:20employers can contribute up to $2,500

0:24but some millionaires and billionaires

0:26including some notable Trump allies and

0:28supporters are taking a step further.

0:31Dell CEO Michael Dell and his wife Susan

0:34have pledged $6.25 billion to the

0:37accounts giving 25 million children $250

0:41each. Hedge fund billionaire Ray Dalio

0:43has pledged $75 million specifically to

0:47accounts for kids in Connecticut. SpaceX

0:49president Gwynne Shotwell said she and

0:51her husband are donating SpaceX shares

0:54to fund accounts for more than 2 million

0:55children in Texas. [music] And Nicki

0:57Minaj, a notable Trump supporter, says

0:59she's contributing, too. The money is

1:01invested in funds that track major stock

1:03indexes and it cannot be withdrawn until

1:06the child turns 18. At that point it can

1:08be used for anything but it does follow

1:10the same tax rules as a traditional IRA.

1:13Trump allies say the goal of the program

1:15is to get the next generation invested

1:17in capitalism and building wealth. But

1:19some critics including representative

1:21Ayanna Pressley say the program could

1:23worsen wealth inequality because

1:25wealthier families are better positioned

1:27to make their own contributions. Read

1:29more about Trump accounts and who's

1:31funding them at Business Insider.

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