Trump is touting his new “Trump Accounts” plan as part of the Big Beautiful Bill Act. The plan would provide $1,000 to every baby born in America between 2025 and 2029 in a tax deferred account that allows matching each year of up to $5,000. It’s a way to encourage savings at a young age and works similar to the successful 529 education funds, but there are key differences. Today we dissect the plan and reveal how it’s mostly political theater. It’s another giveaway to Wall Street that increases inequality because of the way it’s structured. But there’s another reason why the GOP is so keen to pass this plan that has nothing to do with making babies rich, and everything to do with erasing entitlements.
Resources
Congress: H.R.1 - One Big Beautiful Bill Act
MarketWatch Guides: How Much Is the Average American Saving?
UNFTR Resources
Video: Why is Trump Giving Babies $1000 Just For Being Born?
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