Latest news with #InvestAmerica
UPI
an hour 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."
Miami Herald
6 hours ago
- Business
- Miami Herald
Trump, CEOs to unveil savings accounts for newborns
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." Copyright 2025 UPI News Corporation. All Rights Reserved.
Yahoo
7 hours ago
- Business
- Yahoo
Watch live: Trump participates in Invest America roundtable
President Trump is scheduled to participate in an Invest America roundtable event Monday afternoon at the White House. A White House official confirmed to NewsNation that Trump at the event, which is scheduled to begin a 2 p.m. EDT, will highlight $1,000 'Trump Account' investments for kids to be included in his GOP megabill. Watch the roundtable live in the video player above. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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."
CNBC
10 hours ago
- Business
- CNBC
'Trump accounts': CEOs to unveil investments for newborns at White House
The CEOs of Uber, Dell, Goldman Sachs and more are expected to announce Monday that they will collectively invest billions of dollars into so-called Trump accounts for the children of their employees, a White House spokesperson confirmed to CNBC. The executive are slated to make the commitments during President Donald Trump's roundtable event touting the eponymous pilot program, which would deposit $1,000 from the government in investment accounts for newborn Americans. NBC News first reported the details of the event. More than half a dozen corporate leaders are set to appear for the "Invest America" roundtable at the White House at 2 p.m. ET, the White House official told CNBC. They include: The provision to create the accounts passed the House last month as part of the massive budget bill that the president is pushing Republicans to send to his desk before the Fourth of July. The bill is pending before the Senate, where it faces strong pushback from some fiscally conservative Republicans who are demanding major changes. The program — previously referred to as "Money Accounts for Growth and Advancement" or "MAGA Accounts" — would seed index fund accounts with $1,000 in government funds for U.S. citizens born between Jan. 1, 2025, and Dec. 31, 2028. The tax-deferred accounts, which track the overall U.S. stock market, allow additional contributions of up to $5,000 per year. The seed money will be funded by the Treasury Department and controlled by the child's guardians. Funds can be distributed once the beneficiary turns 18. The pilot program is similar to other savings account options that already exist, including 529 college savings plans, which have higher contribution limits. Some financial advisors say that the Trump accounts may not offer the best investment incentives. "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. —
