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UPI
42 minutes ago
- Business
- UPI
Trump, CEOs unveil 'Invest America' savings accounts for newborns
June 9 (UPI) -- President Donald Trump on Monday unveiled plans for the U.S. government and companies to collectively invest money in savings accounts for employees' children as part of the $1.45 trillion discretionary spending bill. The "Invest America" roundtable in the State Dining Room at White House included CEOs from several companies, as well as U.S. House Speaker Mike Johnson and other House members. The budget bill passed narrowly by the U.S. House last month and has moved to the Senate. Republicans want the bill signed by Trump before the Fourth of July. The federal savings program has been referred to "Trump accounts," "Money Accounts for Growth and Advancement" and "MAGA Accounts." The pilot program would seed index fund accounts with $1,000 in Treasury Department funds for U.S. citizens born between Jan. 1, 2025, and Dec. 31, 2028. Companies, employees, other family members and friends also can make post-tax contributions up to $5,000 annually. The CEOs participating were Michael Dell of Dell Technologies, Brad Gerstner of Altimeter Capital, Rene Haas of Arm Holdings, Parker Harris of Slack and Salesforce, William McDermott of ServiceNow, Dara Khosrowshahi of Uber, David Solomon of Goldman Sachs, Vladimir Tenev of Robinhood. "They really are the greatest business minds we have today," Trump said. "These men and women lead large, successful companies. And they are committed to contributing millions of dollars to the Trump account. It's really to be something incredible for children and their employees." He singled out Dell, who months ago presented the idea to the president. He started his company from a garage in 1984 in Austin, Texas, and it has grown into a company worth $78 billion. Dell said his company will match dollar for dollar the $1,000 from the government and his foundation will make a "significant gift." The computer CEO called it a "simple yet powerful way to transform lives. ... This is an investment in our people, their families, our communities and America's future." Trump said: "Extensive research shows children with savings accounts are more likely to graduate high school and college, buy a home, start a business and are less likely to be incarcerated." The accounts' performance will be based on a U.S. stock market's index fund. The accounts would be controlled by children's guardians until they turn 18. The account beneficiary will be able to withdraw up to 50% of their balance beginning at age 18 with full access at 25 for qualified purposes and no restrictions at 30. A $1,000 investment in the Standard and Poor 500 exchange-traded fund trust made 18 years ago would be worth $5,590 today, according to FactSet data. That same investment 31 years ago would be worth $22,770. The pilot program is similar to other savings account options, including 529 college savings plans, which also have contribution limits. Some already offer a type of "baby bonds" program for parents. They are also like 401 (k) accounts offered by businesses with tax savings and the power of compound interest over several years. "Trump accounts take it from the same principle and they apply it from the very beginning of Americans' lives," Johnson said. "It is a pretty simple concept." The savings account proposal is one small aspect of the budget legislation. "The passage of the One Big Beautiful Bill will literally change the lives of working, middle class families across America by delivering the largest tax cuts in history, increasing the child tax credit, and by creating this incredible new 'Trump Account' program, which will put the lives of young Americans on the right financial path!" White House press secretary Karoline Leavitt told CNBC in a statement. The legislation includes an extension of expiring tax cuts from 2015 and money for immigration. Some Republicans, as well as Elon Musk, who ran the Department of Government Efficiency, don't want to add the debt of $26.2 trillion. The Congressional Budget Office projects it will increase federal deficits by about $2.4 trillion over a decade. "I didn't go out to craft a piece of legislation to please the richest man in the world," Johnson, R-La., said in response to Musk's criticisms in an interview with ABC News on Sunday. "What we're trying to do is help hardworking families who are trying to make ends meet."
UPI
7 hours ago
- Business
- UPI
Trump, CEOs to unveil savings accounts for newborns
Elon Musk and President Donald Trump shake hands during a news conference in the Oval Office at the White House on May 30, 2025. Musk ended his work with the Trump administration and last week criticized his budget bill. File Photo by Francis Chung/UPI | License Photo June 9 (UPI) -- President Donald Trump on Monday afternoon will meet with several companies' chief operating officers in a roundtable about plans to collectively invest several billion dollars into savings accounts for the children of their employees. The "Invest America" event is scheduled to take place at 2 p.m. EDT in the White House. The CEO participating are Michael Dell of Dell Technologies, Brad Gerstner of Altimeter Capital, Rene Haas of Arm Holdings, Parker Harris of Slack and Salesforce, William McDermott of ServiceNow, Dara Khosrowshahi of Uber, David Solomon of Goldman Sachs, Vladimir Tenev of Robinhood. The pilot program would seed index fund accounts with $1,000 in Treasury Department funds for U.S. citizens born between Jan. 1, 2025, and Dec. 31, 2028. Companies can also contribute to the tax-deferred accounts. Once a child turns 18, money can be used for education expenses or credentials, down payment on a first home or capital to start a small business. Sen. Ted Cruz, R-Texas, said the accounts give children "the miracle of the compound growth, the ability to accumulate wealth, which is transformational." The funds will track the overall U.S. stock market. Additional contributions of up to $5,000 per year will be allowed. The accounts would be controlled by children's guardians until they turn 18. The pilot program is similar to other savings account options, including 529 college savings plans, which also have contribution limits. Some already offer a type of "baby bonds" program for parents. The federal savings program was previously referred to as "Money Accounts for Growth and Advancement" or "MAGA Accounts." The provision is part of the massive budget bill passed narrowly by the U.S. House last month and has moved to the Senate. Republicans want the bill signed by Trump before the Fourth of July. "The passage of the One Big Beautiful Bill will literally change the lives of working, middle class families across America by delivering the largest tax cuts in history, increasing the child tax credit, and by creating this incredible new 'Trump Account' program, which will put the lives of young Americans on the right financial path!" White House press secretary Karoline Leavitt told CNBC in a statement. The legislation includes an extension of expiring tax cuts from 2015 and money for immigration. Some Republicans, as well as Elon Musk, who ran the Department of Government Efficiency, want to add to the deficit. The Congressional Budget Office projects it will increase federal deficits by about $2.4 trillion over a decade. "I didn't go out to craft a piece of legislation to please the richest man in the world," House Speaker Mike Johnson, R-La., said in response to Musk's criticisms in an interview with ABC News on Sunday. "What we're trying to do is help hardworking families who are trying to make ends meet."
Yahoo
28-05-2025
- Business
- Yahoo
KY Politics Insider: A legitimate Democratic challenger for Rep. Hal Rogers?
Kentucky Politics Insider offers an analysis of Kentucky politics and the conversations that drive decisions. Email reporter Austin Horn at ahorn@ or ping him on social media sites with tips or comments. Rep. Hal Rogers is accustomed to landslide victories. Only once in 23 congressional elections has an opponent even come within single digits: The late state Sen. John Doug Hays lost to Rogers by about nine percentage points in 1992. Rogers, whose 5th Congressional District covers most of Eastern Kentucky and parts of Southern Kentucky, has dominated every other general election contest by 30 points or more. Despite this, it sure sounds like someone with a legitimate background in politics and public service will give it a try in 2026. Ned Pillersdorf is a Prestonsburg attorney known for his involvement in several high-profile cases and the campaigns of his wife, former Kentucky Supreme Court Justice Janet Stumbo. 'The Democratic Party is certainly encouraging me to run. I'm seriously considering it, and I'll have an announcement on the Fourth of July,' Pillersdorf said. Pillersdorf, 70, is known in Eastern Kentucky for several reasons. Perhaps most notably, he led an effort to recruit lawyers to represent people who faced losing Social Security disability benefits as a result of the biggest disability scam in U.S. history, the long-running, massive fraud perpetrated by Eric C. Conn. For that effort, Pillersdorf won a 'Pro Bono Publico Award' in 2023, being one of just four American Bar Association members earning the honor. He also litigated on behalf of coal miners who went on strike at the Blackjewel mine site in Harlan County. The Pillersdorf name has also stayed in the news throughout the region, whether that be in his legal capacity, helping run political campaigns for his wife, or speaking out in support of the animal shelter he helped found, the Dewey Dam Dog and Cat Protection Society. Pillersdorf framed his potential candidacy as a reaction to Rogers' vote in favor of the House bill extending Trump-backed tax cuts that mostly benefit the wealthy and cuts spending on Medicaid and food stamps. Rogers has defended his vote as 'strengthening' Medicaid by targeting fraud and abuse. But Pillersdorf has insisted it amounts to political 'treason' for the vulnerable in the district, which is one of the most Medicaid-reliant out of all 435 districts in the country. 'If there's one Congressional district where the Medicaid cuts resonate in the country, this is it,' he said. 'I am clear-eyed, I know what the Republican votes were in the last election… but if Rogers runs again, and I assume he is, he needs a viable, well-financed opponent.' Rogers has previously told the Herald-Leader he has 'every intention of running for reelection.' At 87, he is the oldest member of the House. Age, a hot topic in Washington as the fallout over former President Joe Biden's deterioration continues to reverberate, could become an issue. Additionally, three members of Congress, all in their 70s, have died so far this year. Biden is currently 82 years old. Rogers, at 87, would be 89 if he wins reelection to start his 24th term in Congress. 'I'm 70, and I'm in excellent health,' Pillersdorf added. It's no secret that President Donald Trump wants 4th Congressional District Rep. Thomas Massie gone. Multiple times during the early days of his term, most recently over the Northern Kentucky congressman's vote against the president's budget bill, Trump has said that Massie should be primaried. Last week, national news outlet Axios reported that two Kentucky Republicans in the district were being discussed as GOP opponents for the seven-term congressman. One of them, state Sen. Aaron Reed, responded quickly on social media: 'Fake news,' he wrote. The other, state Rep. Kim Moser, did not respond to a Herald-Leader inquiry about her future plans. Moser, a powerful committee chair in Frankfort, survived a close primary in 2024 to an opponent far less-funded than she was. It's worth pointing out point blank: Previous efforts to oust Massie have failed tremendously. The difference this time could be money. We know that outside groups like MAGA Inc., the pro-Trump $500 million group, and the powerful American Israel Public Affairs Committee seem willing to chip in some. But how much would it take to unseat the House's most famous GOP contrarian? Probably a lot. Massie seems to think nobody could beat him. 'Any serious person considering running should spend money on an independent poll before letting swampy consultants take them for an embarrassing ride,' Massie wrote in a comment provided to the Herald-Leader. Rep. Andy Barr unveiled a list of county judge-executive endorsements for his 2026 Senate bid last week that spanned basically the entirety of his Central Kentucky based district — only a couple GOP judge-executives, those over Anderson County and Clark County, didn't endorse him. As a reminder, judge-executives matter. A lot. Unless a county has a member of legislative leadership, or its one of the two consolidated local governments in Jefferson and Fayette counties, it's a safe bet that the judge-executive is the most important elected official there. They act as the head of the executive and legislative branches of county government. But how much do their endorsements matter? Potentially a lot, but in big GOP races like this one there's a wrinkle: They pale in comparison to the endorsement of Trump. Just ask former commissioner of agriculture Ryan Quarles, who earned the support of dozens of them across the state in his 2023 run for governor but finished in a distant second to the Trump-backed former attorney general, Daniel Cameron, who is now running against Barr for Senate. On the Democratic side of the aisle, former state representative Cherlynn Stevenson announced several local official and ex-local official endorsements. Some big names on there include Sen. Reggie Thomas, D-Lexington, who previously ran for the seat and whose Senate district covers most of Lexington inside New Circle Road; former judge and legislator Ernesto Scorsone; most of her old Lexington House colleagues; Lexington city Councilwoman Emma Curtis and more. If it wasn't clear already, these endorsements provide another sign that the state party's two biggest stars below Gov. Andy Beshear — Lt. Gov. Jacqueline Coleman and senior adviser Rocky Adkins — will not jump in this race. All signs point to the continued interest of both former Lexington-Fayette Urban County Councilman David Kloiber and federal prosecutor Zach Dembo for the Democratic nomination to the district, which the Democratic Congressional Campaign Committee put on a target list to potentially flip blue. Currently, state Rep. Ryan Dotson is the only Republican with significant name ID to have announced a bid to fill Barr's shoes in the 6th Congressional District. But a couple others certainly appear to be making moves. State Sen. Amanda Mays Bledsoe, R-Lexington, visited Israel in an eight-day trip that concluded this weekend, according to several social media posts. The trip was made with a number of politically influential Republicans, including a Fox News personality once floated as a potential replacement for Vice President J.D. Vance's Senate seat and another state legislator. Sponsored trips like these often take place with groups of influential people seen as a rising crop of political leaders. Though Bledsoe did not offer comment on the sponsor of the trip, the most common host for U.S. political trips to Israel is the American Israel Education Foundation, a nonprofit linked to the American Israel Public Affairs Committee. Bledsoe wasn't the only busy one last week. State Rep. Deanna Gordon, R-Richmond, spent part of the week in political meetings with Republicans in Washington, someone affiliated with Gordon confirmed to the Herald-Leader. The primary comes at a time when Trump has incentive to weigh in on House primaries, specifically. Holding a majority there means avoiding investigations and potentially a third impeachment inquiry into him. Axios reported this week that the White House is particularly 'worried about retaining the Central Kentucky seat' given Barr's departure. That could signal an increased willingness for Trump to put his thumb on the scale for his favored candidate, or the one his team sees as the most likely to win.
Yahoo
29-04-2025
- Business
- Yahoo
White House sets new July 4 deadline for Trump tax agenda
Treasury Secretary Scott Bessent said Monday that July 4 is the new deadline for lawmakers to pass President Trump's ambitious tax agenda. Bessent and Kevin Hassett, the director of the National Economic Council, met on Capitol Hill Monday with Speaker Mike Johnson (R-La.), Senate Majority Leader John Thune (R-S.D.) and top tax writers. Congress returned to Washington on Monday to kick off a key stretch to get the package, which includes broad swaths of Trump's agenda, passed. Republicans aim to pass it with only GOP votes but must first work out significant disagreements. Bessent on Monday hailed the unity among all factions before laying out the new target date. 'The House is moving things along quickly, and the Senate is in lockstep. We think that they are in substantial agreement,' Bessent said. 'We hope we can have this tax portion done by the Fourth of July.' Trump and Republicans are set to include a potpourri of party tax goals in the single package, including potentially making the tax cuts passed in 2017 permanent and eliminating taxes on tips, overtime and Social Security. Republicans also expect the bill to contain immigration reform, Pentagon funding, an increase in the debt ceiling and steep spending cuts. Lawmakers had initially wanted to deliver the package by Memorial Day, and Johnson says he still intends to get the measure through the House by then. But many Senate Republicans view it as a lofty and unrealistic goal. The announcement of the July 4 goal for the bill comes just days ahead of when the Treasury Department is expected to release an updated projection of when the U.S. will exhaust its ability to pay the national debt, known as the X date. The deadline revelation also comes only days before lawmakers expect to find out more information from the Treasury Department about the expected debt ceiling X date. The X date is widely viewed as the true deadline to pass the tax agenda because it is also expected to contain at least a $4 trillion increase in the debt ceiling. That date is expected in the summertime, but it could complicate the GOP's plans if it is bumped up closer to July 4. 'We don't have a new X date yet,' Bessent said, pointing to the continued gathering of taxes in April, but he added that revenues are up this year. 'We may have a better calculation toward the end of the week or next week.' Bessent also made clear that even if the X date is set for before July 4, the debt ceiling will be raised one way or another. 'The U.S. will never miss the X date,' Bessent said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
