'Pro-family initiative': Donald Trump announces $1,000 government-funded accounts for American babies — who qualifies for the scheme?
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
25 minutes ago
- News18
'Israel Has Enough Problems Without Kidnapping Her': Trump On Greta Thunberg's 'Abduction' Claim
Donald Trump called Greta Thunberg a 'young, angry person' and recommended she take an anger management class, after she claimed she was kidnapped by Israel. US President Donald Trump on Monday said that Swedish climate activist Greta Thunberg is a 'young, angry" person, and that she should be taking an 'anger management class". Trump also joked that Israel already has enough problems without kidnapping Greta Thunberg. Trump's remark came while he was addressing the media on Thunberg's claims of being kidnapped 'She's a strange person, she's a young angry person," Trump said, on being asked if he had a message for her. 'I don't know if this is real anger, it's hard to believe, actually, but I saw what happened. She's certainly different. I think she has to go to an anger management class, that's my recommendation for her," Trump said. On being asked if Greta was kidnapped by Israel, as she claimed, Trump said, 'I think Israel has enough problems without kidnapping Greta Thunberg." On Monday, the activist arrived at a port in Israel, hours after Israeli forces boarded the Gaza-bound aid boat that she was travelling on with other activists and detained them. Israel was enforcing a longstanding blockade of the Palestinian territory that had been tightened during the Israel-Hamas war. The boat, accompanied by the Israeli navy, arrived in the Israeli port of Ashdod on Monday evening, according to Israel's Foreign Ministry. The ministry published a photo of Thunberg on social media after disembarking from the boat. The 12 activists are undergoing medical checks to ensure that they are in good health, the ministry said. They were expected to be held at a detention facility in the Israeli city of Ramle before being deported, according to Adalah, a legal rights group representing the activists. The activists had set out to protest Israel's ongoing military campaign in the Gaza Strip, which is among the deadliest and most destructive since World War II, and its restrictions on the entry of humanitarian aid, both of which have put the territory of around 2 million Palestinians at risk of famine. Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated!
The Hindu
27 minutes ago
- The Hindu
U.S. Defence Secretary Hegseth faces Congress for first time since Signal leaks, Marine deployment to Los Angeles
U.S. Defence Secretary Pete Hegseth is expected to field sharp questions from members of Congress about his tumultuous start as Pentagon chief, including his sharing of sensitive military details over a Signal chat, in three separate Capitol Hill hearings beginning Tuesday (June 10, 2025). Lawmakers also have made it clear they are unhappy that Mr. Hegseth has not provided details on the administration's first proposed defence budget, which President Donald Trump has said would total $1 trillion, a significant increase over the current spending level of more than $800 billion. It will be lawmakers' first chance to ask Mr. Hegseth about a myriad of other controversial spending by the Pentagon, including plans to spend hundreds of millions of dollars on security upgrades to turn a Qatari jet into Air Force One and to pour as much as $45 million into a parade recently added to the Army's 250th birthday bash, which happens to coincide with Mr. Trump's birthday on Saturday. Lawmakers may quiz Mr. Hegseth on the latest searing images coming out of the immigration raid protests in Los Angeles. Mr. Hegseth has deployed about 700 active-duty Marines to assist more than 4,100 National Guard troops in protecting federal buildings and personnel. But there are questions about what the troops will have to do and how much it will all cost. Under the Posse Comitatus Act, troops are prohibited from policing U.S. citizens on American soil. Invoking the Insurrection Act, which allows troops to do that, is incredibly rare, and it's not clear if Mr. Trump plans to do it. The commandant of the Marine Corps, Gen. Eric Smith, will be on Capitol Hill testifying at a separate budget hearing at the same time as Mr. Hegseth and is likely to face similar questions. What Hegseth has focused on so far Mr. Hegseth has spent vast amounts of time during his first five months in office promoting the social changes he's making at the Pentagon. He's been far less visible in the administration's more critical international security crises and negotiations involving Russia, Ukraine, Israel, Gaza and Iran. Most recently, Mr. Hegseth directed the renaming of a Navy ship that had honoured Harvey Milk, a slain gay rights activist who served as a sailor during the Korean War. His spokesman, Sean Parnell, said the renaming was needed to ensure "the names attached to all DOD installations and assets are reflective of the commander-in-chief's priorities, our nation's history, and the warrior ethos.' Mr. Hegseth has posted numerous videos of his morning workouts with troops or of himself signing directives to purge diversity and equity programs and online content from the military. He has boasted of removing transgender service members from the force and firing so-called woke generals, many of whom were women. He was on the international stage about a week ago, addressing an annual national security conference in Asia about threats from China. But a trip to NATO headquarters last week was quick and quiet, and he deliberately skipped a gathering of about 50 allies and partners where they discussed ongoing support for Ukraine. Use of Signal messaging app Mr. Hegseth's hearing Tuesday before the House Appropriations Defence Subcommittee will be his first public appearance on Capitol Hill since he squeaked through his Senate confirmation with a tie-breaking vote. It was the closest vote of any Cabinet member. While he has talked a lot about making the military more lethal, it was his use of the unclassified, unsecured Signal messaging app that quickly caught public attention. Set up by then-national security adviser Mike Waltz, a group chat included Mr. Hegseth and other senior administration leaders and was used to share information about upcoming military strikes in Yemen. The chat became a public embarrassment because the editor-in-chief of The Atlantic, Jeffrey Goldberg, was inadvertently added to it. Mr. Waltz took responsibility for the gaffe, but Mr. Hegseth was roundly criticised for sharing details about the military strikes in this chat and in another one that included his wife and brother. Multiple investigations are looking into his use of Signal. The Defence Department's acting inspector general has been looking into the initial chat at the request of the Republican and Democratic leaders of the Senate Armed Services Committee. The Pentagon's watchdog is also reviewing whether any of Mr. Hegseth's aides were asked to delete any Signal messages. Controversial Pentagon spending While any number of those issues could come up at the House Armed Services Committee hearing Thursday, money issues are more likely to be the focus of the hearings Tuesday in the House and Wednesday before the Senate Appropriations Defense Subcommittee. Already defence leaders have been grilled in other hearings on the plans to retrofit the Qatari jet and the costs of the military parade. Mr. Trump has long wanted a parade, and Army leaders defended it as a good way to attract new recruits. Other questions may involve the costs of expanding the use of military forces to secure the southern border, the plans for the Golden Dome missile defence program, and how the department intends to fund modernisation programmes for drones and other critical weapons systems.
Time of India
27 minutes ago
- Time of India
US ocean container imports tumble in May as China tariffs take hold, ET Infra
Advt US seaborne imports of goods from China dropped 28.5 per cent year-over-year in May, the sharpest decline since the pandemic, as President Donald Trump's 145 per cent tariffs took hold, supply chain technology provider Descartes said on is the top US supplier of goods that enter through seaports, including the nation's busiest in Los Angeles/Long Beach. Domestic businesses ranging from retailer Walmart to automaker Ford depend on those goods to US seaborne imports in May tumbled 7.2 per cent from the year earlier to 2.18 million 20-foot equivalent units - snapping a streak of near-record increases fueled by companies frontloading goods to avoid higher duties."The effects of US policy shifts with China are now clearly visible in monthly trade flows," Descartes said in a Coast ports are more dependent on China trade and bore the brunt of the declines. From April to May, the nation's busiest seaports in Long Beach and Los Angeles experienced steep drops in goods from China, 31.6per cent and 29.9 per cent, respectively, Descartes imports from China included furniture, bedding, plastic goods, machinery, toys and sporting United States and China agreed to a 90-day pause on punitive tit-for-tat tariffs last month. US and Chinese officials met in London on Monday to defuse the high-stakes trade dispute between the world's largest executives and shipping consultants expect volume from China to rebound during the tariff truce, albeit at a more moderate level. That's because the US lowered the tariff for many goods from China to 30 per cent during the pause."China-origin imports may continue to soften in the months ahead as importers reassess sourcing strategies amid rising landed costs," Descartes said.
