Latest news with #FirstStep
Yahoo
23-05-2025
- Business
- Yahoo
What to know about House bill's $1,000 "Trump accounts" for newborns
The Trump administration wants to kickstart wealth creation for American children by creating $1,000 "Trump accounts" for babies born during President Trump's second term in office. Originally called "money account for growth and advancement," or "MAGA" savings accounts, the renamed accounts would be managed by banks or investment firms, and operate like traditional investment accounts. Here's what to know about the proposed "Trump accounts" for newborns. What are they called? House Republicans on Wednesday submitted an amendment to Mr. Trump's domestic policy bill to ditch the original "Maga" acronym and rename the accounts "Trump accounts," after the president himself. Who would get one? Every child born in the U.S. between Jan. 1, 2025 and Jan. 1, 2029 with a Social Security number, and whose parents have Social Security numbers, would be automatically enrolled in the program. The U.S. Treasury would set up and fund the accounts. Madeline Brown, senior policy associate at the Urban Institute, said automatic enrollment is a key component of the proposed pilot program, given some adults' unfamiliarity with such investment vehicles. Some of the lowest-income families, who could most benefit from the boost, "often don't know about these kinds of programs. There's a huge awareness gap," she told CBS MoneyWatch. "Automatic enrollment is fundamental to improving the likelihood that it reaches the lowest-income families," she added. What would be in a "Trump account"? The government would contribute $1,000 to every eligible child's account, which would be invested in the stock market on their behalf. Families and third parties could also contribute up to $5,000 a year to a child's account. Sam Taube, investment expert at personal finance site Nerdwallet, said the proposed "Trump accounts" are similar to programs currently offered by a number of states, but the contributions aren't as generous. For instance Colorado's First Step program awards every newborn $100 in a 529 college savings account, plus a match of $500 a year for the first five years of savings, totaling up to $2,500 in gift contributions. What could the money be spent on? Accountholders would only be approved to be spend investment funds on prescribed costs, such as a down payment on a home, education-related expenses, or starting a small business. Use of the funds to pay for unapproved expenses would subject accountholders to penalties. But broadening the scope of approved expenditures would be even more beneficial to many families, Brown noted. "When it comes to wealth building, we have to make sure the target sums that kids end up with at 18 are in line with the things we're saying you can use the money for," Brown explained. If lower-income accountholders' families can't contribute the additional $5,000 per year, the sum they would end up with as adults might not cover a down payment, for example. "There are lots of different projections around what $1,000 can grow to with different interest rates, but it's not a down payment," she said. "So unless additional contributions come from the community, the federal government or state governments, we're not likely to see these accounts grow to the sums that we're saying are qualified uses. When could the funds be withdrawn? Half of the funds could be withdrawn when a child turns 18, at which point the account's gains would be taxed at the long-term capital gains tax rate, so long as the money were spent as directed. If the funds were used for other purposes, withdrawals would be taxed as income. A 10% penalty for misspending the money could also apply. Accountholders would have access to their full balances between the ages of 25-30 for approved purposes, and after 30, would be able to withdraw the funds for any purpose. Brown said she thinks improvements could be made to the way the program is structured, particularly around how account withdrawals are taxed. She noted that the lowest-income families would be the most likely to spend the funds on unapproved expenses, and face tax penalties. Most Americans can't afford a $1,000 emergency expense, according to a January report from Bankrate, making low-earners more likely to need to tap into the funds for surprise costs. "They are the most likely to have to withdraw dollars for nonqualified expenses, and in doing so, they [would] receive a tax penalty. So there are ways to exempt emergency expenses, and that would be a fix," Brown said. Otherwise, she said, the upsides to the accounts are limited. "There are other places you can save money where you won't have that tax penalty if you withdraw the funds early," Brown said. Taube of Nerdwallet noted that the proposed accounts' tax benefits are also questionable. "Although they are advertised as tax-advantaged accounts, the way they work does not seem to be that different from how a taxable brokerage account would work," he told CBS MoneyWatch. That said, "given the state of saving for children's future expenses in this country, the accounts do seem like they could help at least somewhat," Taube said. Trump confronts South African president during White House meeting, repeats genocide claims Trump takes questions during meeting with South African president Rubio, Jayapal have fiery exchange about Afrikaner refugee's antisemitic tweet, student visas Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-04-2025
- Sport
- Yahoo
‘Loteria For A Cause' hosted by FirstStep, fun night of games
VERNON (KFDX/KJTL) — April is sexual assault awareness month, and FirstStep and Texoma Alliance are teaming up with a Vernon business to stop abuse with a family game night event. 'Loteria For A Cause' will be at Los Amigos Paleteria in Vernon, Texas. You must RSVP by purchasing tickets online. Click here for tickets. When: Wednesday, April 30, 6 p.m. to 7:30 p.m. Where: Los Amigos Paleteria, Vernon, Texas Loteria game night 20 seats available for Loteria, GA $5 Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
06-04-2025
- General
- Yahoo
First Step WF hosts 'Walk a Mile in Her Shoes'
WICHITA FALLS (KFDX/KJTL)—Some men and women might have sore feet after participating in the 'Walk a Mile in Her Shoes' movement hosted by First Step Wichita Falls. The event, geared towards supporting sexual assault survivors, was supposed to be an outdoor walk at Sikes Lake Center, but due to Saturday's inclement weather, the Bill Bartley YMCA was gracious enough to host. This is the first time the movement has been held in Wichita Falls, but outside of Texoma, it's an international movement. With the event taking root in cities around the world, First Step Outreach Coordinator Kiawa Chambers thought now, at the start of Sexual Assault Awareness Month was a perfect time to bring it to Wichita Falls. 'So, 'Walk a Mile in Her Shoes' has been going on since 2001,' Chambers said. 'We wanted to bring it to Wichita Falls because it is in the bigger cities like Boston, Chicago and big cities like that. So, we thought, you know, why not bring it to Wichita Falls, raise awareness in a fun way.' While wearing heels was optional for the walk, a pair of heels should at least be carried by each walker. Chambers explained what carrying or wearing the heels is meant to represent. 'It represents walking a mile in somebody else's shoes, walking a mile in a survivor's shoes,' Chambers said. 'A lot of the times survivors have a hard time speaking on what has happened to them. And you don't know what somebody's gone through until you walked in their shoes.' First Step invited representatives from the WFPD and Crime Stoppers to the walk as well. Chambers hopes the walk helps encourage survivors of sexual assault to seek the help that they need whether it comes from the police department, Crime Stoppers, or First Step. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
04-04-2025
- Entertainment
- Yahoo
Wichita Falls art show features local fashion, music, food, and vendors
WICHITA FALLS (KFDX/KJTL) — A local art show will showcase more than just paintings with Fashion of The Arts on April 27 at The Lab. First Step hosts Walk a Mile in Her Shoes for awareness month With local artists, musicians, models, and more, organizer Sparkle Champagne Mosely said you get a little of everything in one place. 'We're gonna bring the community something fun,' Mosley said. 'We're gonna do music, vendors, food and fun.' The fashion show will be on April 27 from 6 p.m. until 9 p.m. at The Lab in downtown Wichita Falls. General admission tickets are $20. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
04-04-2025
- General
- Yahoo
First Step hosts Walk a Mile in Her Shoes for awareness month
WICHITA FALLS (KFDX/KJTL) — To kick off Sexual Assault Awareness Month, First Step is inviting the public to participate in the 'Walk a Mile in Her Shoes' initiative. The walk begins at 9:30 a.m. Saturday, April 4 at The Bill Bartley YMCA. Tickets can be purchased on First Step's website. With this initiative, participants walk a mile in solidarity with survivors of sexual assault as First Step raises awareness about gender-based violence faced particularly by women. Participants are encouraged to wear women's shoes as they walk around Sikes Lake. Registration is $25 for men and free for women. Participation includes a T-shirt, goody bag, and drink card. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
