Latest news with #TheSonOfWalkley

First Post

Trump announces $1,000 for every US citizen born during his second presidency

'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 read more US President Donald Trump on Monday announced a federal initiative to provide $1,000 government-funded investment accounts for American children born between 2025 and 2029. BREAKING: TRUMP SAYS — EVERY U.S. CITIZEN BORN BETWEEN DEC 31 2024 AND JAN 1 2029 WILL RECEIVE $1,000 THAT TRACKS STOCK MARKET 👀 $SPY — TheSonOfWalkley (@TheSonOfWalkley) June 9, 2025 STORY CONTINUES BELOW THIS AD According to The Guardian report, the proposal, which Trump refers to as 'the big beautiful bill,' was unveiled during a White House roundtable that included prominent business leaders and Republican lawmakers. '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. Dubbed 'Trump accounts,' the new programme aims to provide children with an early financial advantage, allowing guardians to contribute up to $5,000 annually. Trump characterised it as 'a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation.' Several prominent business leaders — Michael Dell (Dell Technologies), Dara Khosrowshahi (Uber), David Solomon (Goldman Sachs), and Vladimir Tenev (Robinhood) — attended the event and pledged billions in private funding to support employees' families. Trump praised the group as 'really the greatest business minds we have today' and noted that they are 'committed to contributing millions of dollars to the Trump account.' STORY CONTINUES BELOW THIS AD House Speaker Mike Johnson, also in attendance, endorsed the proposal, calling it 'a bold, transformative policy that gives every eligible American child a financial head start from day one.' The Trump accounts are part of a broad budget bill that narrowly passed the House by a single vote, without any Democratic backing. The bill now heads to the Senate, where it faces stronger opposition, including from some Republicans concerned about its fiscal impact. Although Trump maintains the legislation is 'fully funded through targeted reforms,' such as changes to welfare and the introduction of a remittance tax, the Congressional Budget Office reported last week that the bill would add $2.4 trillion to the national debt over the next ten years. The CBO also estimated that, due to cuts to Medicaid and food assistance, an additional 10.9 million Americans would lose healthcare coverage by 2034. Modeled loosely on 529 college savings plans — but with lower contribution limits — the Trump accounts have drawn skepticism from some financial advisors, who question their overall investment potential. STORY CONTINUES BELOW THIS AD Similar programs have been tried elsewhere: the UK ran a Child Trust Fund between 2002 and 2011, while Singapore continues to operate a Baby Bonus Scheme that includes matched savings. Despite the criticisms, Trump voiced optimism about the initiative's future impact, saying 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.' Speaker Johnson warned that failing to pass the bill could lead to 'the largest tax increase in American history,' and pushed for swift passage of what he described as 'pro-growth legislation' designed to 'help every single American.' With inputs from agencies