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Why #billionaires are giving millions to Trump Accounts. #Trump #investing #wealth #business
Why #billionaires are giving millions to Trump Accounts. #Trump #investing #wealth #business
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Some of the world's richest people want
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to give American [music] kids free
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money. It's part of this program called
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Trump accounts, investment accounts for
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children which launched on July 4th.
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Kids born between 2025 and 2028 are
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eligible for a $1,000 contribution from
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the federal government. Parents can
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contribute up to $5,000 a year and their
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employers can contribute up to $2,500
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but some millionaires and billionaires
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including some notable Trump allies and
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supporters are taking a step further.
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Dell CEO Michael Dell and his wife Susan
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have pledged $6.25 billion to the
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accounts giving 25 million children $250
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each. Hedge fund billionaire Ray Dalio
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has pledged $75 million specifically to
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accounts for kids in Connecticut. SpaceX
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president Gwynne Shotwell said she and
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her husband are donating SpaceX shares
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to fund accounts for more than 2 million
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children in Texas. [music] And Nicki
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Minaj, a notable Trump supporter, says
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she's contributing, too. The money is
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invested in funds that track major stock
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indexes and it cannot be withdrawn until
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the child turns 18. At that point it can
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be used for anything but it does follow
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the same tax rules as a traditional IRA.
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Trump allies say the goal of the program
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is to get the next generation invested
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in capitalism and building wealth. But
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some critics including representative
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Ayanna Pressley say the program could
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worsen wealth inequality because
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wealthier families are better positioned
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to make their own contributions. Read
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more about Trump accounts and who's
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funding them at Business Insider.
