Trump gets Dell, Uber, Goldman Sachs to pay Americans $1K for each baby born — if ‘beautiful bill' passed

Independent

2 days ago

Executives from a trio of the biggest and most widely known companies in America are lining up behind President Donald Trump 's plan to create investment accounts for children born during his second term as an enticement to pass his divisive One Big Beautiful Bill Act currently under consideration in Congress.
Dell Computer founder Michael Dell, Uber CEO Dara Khosrowshahi, and Goldman Sachs boss David Solomon appeared at the White House on Monday alongside Trump for an event to promote what the bill labels 'Trump accounts' as a way of promoting financial literacy and encouraging Americans to have more children.
Each announced that their respective companies would be willing to contribute to accounts established for children of their employees. The 'Trump accounts' would be tax-deferred and would start with a one-time contribution of $1,000 from the federal government.
Funds deposited into the accounts would be invested to track the overall stock market and be accessible when the children reach age 21.
Trump hailed the business leaders for participating in the project, calling them 'the greatest business minds we have today.'
'These men and women lead large, successful companies, and they're committed to contributing millions of dollars to the Trump account. And it's really it's going to be something incredible for children and for their employees in many cases,' he said.
'This is a pro family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation, and they'll 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 added.
The president credited Dell, a longtime Republican donor, with having brought the 'Trump account' concept to his attention, as well as GOP Representative Blake Moore of Utah and House Speaker Mike Johnson, the latter of whom hailed the proposed policy as ' a bold, transformative policy that gives every eligible American child a financial head start from day one.'
But the plan Republicans have adopted actually follows one that has been implemented in places such as California, Connecticut and the District of Columbia — each of which has introduced 'baby bonds' which invest funds for newborns that are available when they reach adulthood for education and other purposes.
The idea dates back to 2010 as an academic proposal for reducing wealth inequalities and breaking cycles of poverty, and it was the centerpiece of New Jersey Senator Cory Booker's short-lived 2020 presidential campaign.
The Trump administration proposal included in the One Big Beautiful Bill Act would require at least one parent to produce a Social Security number with work authorizations, which would prevent children of some categories of immigrants from having accounts established for them.
Unlike the District of Columbia's program and similar ones that are intended to reduce poverty by targeting disadvantaged groups, the 'Trump account' program would be available to families of all incomes.
Dell, the veteran entrepreneur and home computer pioneer, said his company was 'proud to be one of the very first companies' to support the proposal.
'Following your inspiring lead, Mr. President, Dell Technologies will match the government's contributions dollar for dollar for every child born to a Dell team member,' Dell said.
'This isn't just a new benefit. This is investment in our people, their families, our communities and America's future, and it embodies our core belief that opportunity should begin at birth.'
He added that he and his wife 'expect to make a very significant gift' through his family's foundation to support the plan, calling it 'a powerful platform for Philanthropic Innovation aimed at helping children thrive wherever they come from, particularly those families who historically left behind.'