logo
'Pro-family initiative': Donald Trump announces $1,000 government-funded accounts for American babies — who qualifies for the scheme?

'Pro-family initiative': Donald Trump announces $1,000 government-funded accounts for American babies — who qualifies for the scheme?

Time of Indiaa day ago

Donald Trump announces a 'pro-family' legislation
US President
Donald Trump
has unveiled a federal plan to boost future financial security for the next generation.
The initiative includes opening $1,000 investment accounts for every American baby born between 2025 and 2029, reports the Guardian.
The MAGA supremo describes this move as 'a pro-family' effort, which is part of a sweeping bill that has passed the House but still faces hurdles in the Senate.
The accounts are dubbed as 'Trump accounts,' and would be tax-deferred and track stock market performance.
'For every US citizen born after December 31, 2024, before January 1, 2029, the federal government will make a one-time contribution of $1,000 into a tax-deferred account that will track the overall stock market,' Trump said during a White House roundtable with major business leaders.
Parents or guardians will manage these "Trump accounts," which allow up to $5,000 in additional annual contributions from private sources. Trump pitched the initiative as a way for families to benefit directly from the strength of the American economy. 'It's a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation,' he said.
The plan has received strong backing from several prominent CEOs, including Michael Dell, Uber's Dara Khosrowshahi, Goldman Sachs' David Solomon and Robinhood's Vladimir Tenev.
Trump applauded their commitment, saying they were 'really the greatest business minds we have today' and that they were 'committed to contributing millions of dollars to the Trump account.'
House Speaker Mike Johnson also praised the scheme. 'It's a bold, transformative policy that gives every eligible American child a financial head start from day one,' he said. 'Republicans are proud to be the party we always have been.
It supports life and families, prosperity and opportunity.'
The accounts are part of what Trump calls his 'one big, beautiful bill.' The bill is a sweeping
budget
package that, according to the Congressional Budget Office (CBO), could add $2.4 trillion to the national debt over the next decade. The CBO also warned that the proposed changes, which include cuts to Medicaid and food assistance, could leave nearly 11 million more Americans without healthcare by 2034.
Despite the criticism, Trump remains optimistic. 'Beneficiaries would really be getting a big jump on life, especially if we get a little bit lucky with some of the numbers and the economies into the future,' he said.
Johnson warned that failing to pass the bill would lead to 'the largest tax increase in American history.' Johnson urged lawmakers to back what he called 'pro-growth legislation' to benefit all Americans.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump's military move: Was it in response to Los Angeles riots or a long-planned strategy against Democrates and Kamala Harris?
Trump's military move: Was it in response to Los Angeles riots or a long-planned strategy against Democrates and Kamala Harris?

Time of India

time14 minutes ago

  • Time of India

Trump's military move: Was it in response to Los Angeles riots or a long-planned strategy against Democrates and Kamala Harris?

President Donald Trump has signaled that the military deployment in Los Angeles may just be the beginning, hinting at similar actions across other Democrat-led cities as protests intensify over his immigration crackdown. Speaking from the Oval Office on Tuesday, Trump defended the deployment of 4,000 National Guard troops and 700 Marines to Los Angeles, where demonstrators have clashed with law enforcement in recent days. 'This is the first—perhaps of many,' Trump said. 'If we didn't hit this hard, you'd see the same thing erupt across the country. But let me be clear: If others try this, they'll be met with equal or greater force.' Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Indonesia: New Container Houses (Prices May Surprise You) Container House | Search ads Search Now Undo The president added that his administration would not tolerate violent protests targeting ICE operations and vowed strict enforcement of deportation policies. Notably, Trump had floated the idea of using military force in Democrat-led cities during his 2024 campaign, proposing federal intervention to combat unrest or gang violence. 'In cities where there's been a total breakdown of law and order, I won't hesitate to send in federal assets, including the National Guard, until safety is restored,' he said at the time. Live Events According to The New York Times , nearly 5,000 troops are already present in the Los Angeles area. Reuters reported that 700 Marines were in a staging area in Seal Beach, about 30 miles south of the city, awaiting specific deployment orders. As of Tuesday, 2,100 National Guard members had been activated in the region—more than half the planned total. Both Marines and National Guard personnel are restricted from making arrests and are tasked solely with protecting federal facilities and personnel. Trump's remarks and actions have sparked fears of broader federal crackdowns in Democrat-controlled cities across the U.S., raising questions about the political motivations behind the military mobilization.

Elon Musk apologises for posts about Donald Trump, says ‘went too far…'
Elon Musk apologises for posts about Donald Trump, says ‘went too far…'

Mint

time15 minutes ago

  • Mint

Elon Musk apologises for posts about Donald Trump, says ‘went too far…'

Billionaire Elon Musk has posted on his social media platform X, expressing regret about some of his posts regarding United States President Donald Trump last week. Notably, Elon Musk and Donald Trump engaged in a public fued over TV interviews and X posts after the Tesla and SpaceX CEO left his role in the government and criticised the Republican party's new tax bill proposal. 'I regret some of my posts about President Donald Trump last week. They went too far,' Elon Musk posted on X on June 11. (This is a breaking story, more updates coming…)

Kamala Harris election dispute joins a long list of controversial US presidential results from Thomas Jefferson to George W Bush Jr
Kamala Harris election dispute joins a long list of controversial US presidential results from Thomas Jefferson to George W Bush Jr

Time of India

time20 minutes ago

  • Time of India

Kamala Harris election dispute joins a long list of controversial US presidential results from Thomas Jefferson to George W Bush Jr

Historical parallels to Kamala Harris election dispute As questions surrounding the Kamala Harris election result continue to unfold in court, the controversy draws on a long history of disputed US presidential elections. From the earliest years of the republic to the modern era, contested outcomes, allegations of fraud, and constitutional ambiguity have repeatedly tested the resilience of American democracy. The latest case, allowed to proceed in New York's Rockland County, challenges the validity of several voting machines used in the 2024 election. Filed by SMART Legislation, the lawsuit alleges that votes for Kamala Harris were undercounted or missing entirely from machines in towns like Ramapo. Affidavits from poll workers and voters suggest ballots showed zero votes for president while including votes for other contests, raising concerns about possible machine malfunctions or tampering. Also read: Kamala Harris election result: Trump's victory under scrutiny as lawsuit filed - here's what could happen next by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Rates Undo This case, while unlikely to affect Donald Trump's presidency, brings renewed focus on electoral transparency and echoes the legacy of past presidential contests that reshaped US election law and public trust. From Jefferson to Bush: six disputed presidential elections In 1800, the Electoral College delivered a tie between Thomas Jefferson and Aaron Burr, both receiving 73 votes. The House of Representatives required 36 ballots to award the presidency to Jefferson. The deadlock prompted the Twelfth Amendment, which separated presidential and vice-presidential votes to avoid future stalemates. Live Events A similar issue surfaced in 1824 when Andrew Jackson secured the most popular and electoral votes but lacked a majority. The House chose John Quincy Adams instead, triggering Jackson's accusations of a 'corrupt bargain.' His eventual win in 1828 led to reforms demanding greater voter participation and scrutiny of elite political deals. Abraham Lincoln's 1860 victory with only 40 per cent of the popular vote triggered Southern secession. His win, reflecting a deeply divided electorate over slavery, came despite his absence from ballots in several Southern states. The dispute ultimately cascaded into the Civil War, underscoring how electoral fractures can deepen national crises. Also read: Kamala Harris voters 'erased' in Rockland? New York lawsuit to probe vanishing ballots: What we know so far In 1876, Democrat Samuel Tilden won the popular vote and led in the Electoral College, but 20 electoral votes from four states were contested. A bipartisan commission awarded them to Republican Rutherford B. Hayes. In return, Hayes agreed to withdraw federal troops from the South, a deal known as the Compromise of 1877. This political resolution ended Reconstruction and enabled state-level disenfranchisement of Black voters. Fast forward to 1960, John F. Kennedy's razor-thin win over Richard Nixon raised concerns over vote manipulation in Illinois and Texas. Allegations pointed to organized political machinery in Chicago and strategic ballot management in Texas. Nixon declined to challenge the result, citing national unity, though doubts persisted. In 2000, George W. Bush and Al Gore's battle hinged on Florida's 25 electoral votes. Machine errors like 'hanging chads' and inconsistent ballot designs such as the 'butterfly ballot' caused major confusion. The US Supreme Court halted recounts in Bush v. Gore , awarding Florida, and the presidency, to Bush by a margin of just 537 votes. Rockland County lawsuit: new scrutiny on voting machines The Kamala Harris election result lawsuit centers on irregularities in Rockland County, where five voting machines in Ramapo reportedly recorded zero presidential votes despite ballots including selections for down-ballot races. Voters and poll workers submitted affidavits confirming they cast votes for president. Also read: Kamala Harris won the U.S elections: Bombshell report claims voting machines were tampered with before 2024 Election integrity advocate Susan Greenhalgh cited the rarity of such discrepancies, questioning whether software updates made before the election contributed to machine errors. The updates were made by Pro V&V, a private firm, with minimal public disclosure. Judge Rachel Tanguay's decision to allow full discovery will enable attorneys to access internal machine logs and request sworn testimony. The case's next hearing is scheduled for September 22, 2025. What the Kamala Harris election result case could mean While the lawsuit is unlikely to affect the 2024 presidential outcome, it may influence broader election reforms. Legal experts say a full hand recount could expose vote-counting inconsistencies and spark legislative changes on machine certification, ballot design, and voter access laws. Also read: 2024 US Presidential election is under scrutiny as lawsuit claims discrepancies in Rockland County, New York The case also offers an opportunity for officials to improve voter confidence by ensuring transparent and verifiable election systems. As with previous disputed elections, the outcome may shape how future contests are administered and perceived, especially in an era of intense partisanship and evolving technology.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store