Latest news with #proFamily
Daily Mail
19 hours ago
- Business
- Daily Mail
Trump reveals how Americans can score a free $1,000 'MAGA baby account'
President Donald Trump promoted a key aspect of his 'big beautiful bill' as the Senate continues to debate the legislation: $1,000 investment accounts for babies born during his tenure in office. The 'Trump accounts' will be given to every U.S. citizen born after December 31, 2024, and before January 1, 2029. The government's $1,000 contribution would be placed in an index fund tied to the stock market and managed by the child's legal guardians. During an event at the White House on Monday, the president said the accounts 'will make it possible for countless American children to have a strong start in life at no cost to the American taxpayer, absolutely no cost. It's going to have a huge impact.' Named after himself, Trump called the accounts a 'pro-family' initiative as he works to rally senators to support his proposed legislation. It is not the first time that Trump has made sure it's his name that Americans see on a financial statement. He also put his name on stimulus checks the government sent to millions of Americans during the COVID-19 pandemic. Republicans changed the name of the program from 'MAGA accounts' to 'Trump accounts' before the bill passed the House last month. The Trump accounts will be funded by contributions from private businesses. Heads of Dell, Uber, Altimeter Capital, ARM Corp, Salesforce, ServiceNow, Robinhood and Goldman Sachs joined the president for the announcement. The accounts will also be accessible for additional financial contributions throughout the child's life from family, friends, parents, employers, or other entities. 'It 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,' Trump noted. The recipient of the account could access some of the money when they turn 18 for things like education, training or a first-time home purchase. The full balance would be available at age 30. Michael Dell, the CEO of Dell Technologies said his company would 'match the government's contributions, dollar for dollar for every child born to a Dell team member.' '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,' Dell said. Democrats are critical of the legislation, which they say will remove millions from Medicaid and add billions to the federal deficit. Some Republican senators, especially those who represent states with large rural areas, also have expressed concern about the cuts to Medicaid. The Senate can still amend the bill, which, if that happens, it would need to be re-approved by the House before it could go to Trump for his signature. Trump has said he'd like to have the bill on his desk by July 4. Some of his own family will benefit. The president's daughter Tiffany Trump and her husband Michael Boulos had their first child - a baby boy - May 15, 2025.
The Guardian
20 hours ago
- Business
- The Guardian
Trump announces $1,000 government-funded accounts for American babies
Donald Trump unveiled a federal program Monday providing $1,000 government-funded investment accounts for American babies, getting big time backing from top business leaders who plan to contribute billions more to an initiative tied to 'the big beautiful bill'. At a White House roundtable with over a dozen CEOs, including from Uber, Goldman Sachs and Dell Technologies, Trump relayed the details of 'Trump accounts' – tax-deferred investment accounts tracking stock market performance for children born between 2025 and 2029. '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. The accounts will be controlled by guardians and allow additional private contributions up to $5,000 annually. Trump called it 'a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation'. CEOs from major companies including Michael Dell, Dara Khosrowshahi of Uber, David Solomon of Goldman Sachs, and Vladimir Tenev of Robinhood committed billions for employees' children's accounts. Trump praised the executives as 'really the greatest business minds we have today' who are 'committed to contributing millions of dollars to the Trump account'. Mike Johnson, the House speaker, also at the roundtable, championed the program, saying: 'It's a bold, transformative policy that gives every eligible American child a financial head start from day one. Republicans are proud to be the party we always have been. It supports life and families, prosperity and opportunity.' The program passed the House as part of a massive budget bill but faces stiffer Senate Republican resistance over the broader package. The accounts cannot be implemented as a standalone program and depend entirely on passage of what Trump calls the 'one big, beautiful bill' that is 'among the most important pieces of legislation in our country's history', claiming it's 'fully funded through targeted reforms' including welfare changes and a proposed remittance tax. However, the congressional budget office last week found the bill would also add $2.4tn to the national debt over the next decade while cutting Medicaid and food assistance programs. The CBO analysis showed the bill, which passed the House by a single vote and no Democratic support, would leave 10.9 million more Americans without healthcare by 2034. The treasury-funded accounts, previously called 'Maga ccounts' resemble existing 529 college plans but with lower contribution limits – leading some financial advisers to say the Trump accounts may not offer the best investment incentives. The move is also not without precedent the United Kingdom operated a similar Child Trust Fund with government seed funding from 2002-2011 before discontinuing the program, while Singapore runs the Baby Bonus Scheme that includes government-matched savings accounts for children. Trump was optimistic about returns, 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'. Johnson warned that failure to pass the legislation would result in 'the largest tax increase in American history' and pushed for swift congressional action on what he called 'pro-growth legislation' that would 'help every single American'.
The Independent
20 hours ago
- Business
- The Independent
Trump gets Dell, Uber, Goldman Sachs to pay Americans $1K for each baby born — if ‘beautiful bill' passed
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.'
Fox News
11-05-2025
- Health
- Fox News
GOP senators launch new push to back mothers with MOMS Act
EXCLUSIVE: Sen. Katie Britt, R-Ala., will put forward the MOMS (More Opportunities for Mothers to Succeed) Act on Tuesday, aiming to provide critical support to America's mothers, both prenatal and post-partum, as Mother's Day arrives Sunday. Britt said the number of births in the U.S. in 2023 was the lowest since the Carter administration, citing the Centers for Disease Control and Prevention (CDC). "The Republican Party is the party of life, the party of parents, and the party of families," she added to Fox News Digital. "At the heart of the MOMS Act is building a comprehensive culture of life to give moms, children and families the support system they need to thrive and live their American Dream." "As a mom myself, I don't have to wonder what other moms are facing – I'm living it. I know firsthand that there is no greater blessing in life than our children and I also understand the types of challenges that women face during their pregnancy journeys and while raising their kids. I'm proud to support women throughout these seasons of motherhood, and the MOMS Act is part of my continued commitment to fight on their behalf. Britt is joined on the bill by Sen. Marsha Blackburn, R-Tenn., and several dads as well, including Sens. Jim Justice, Steve Daines, R-Mont., Kevin Cramer, R-N.D., David McCormick, R-Pa., Charles Grassley, R-Iowa and others. McCormick told Fox News Digital he was proud to join such a "pro-family effort," while warning that the U.S. birth and fertility rates have been "alarmingly low" for some time. "I'm proud to join [my] colleagues in this pro-family effort to help ensure new and expecting mothers can access the resources they need for the long-term health and well-being of themselves and their children," he said. The MOMS Act would establish a new "pregnancy-dot-gov" for expectant and post-partum mothers as well as those with young children, in order to increase access to adoption agencies, pregnancy resource centers and other assistance by ZIP code. For states like Alabama, where rural communities are especially in need of such support, it would establish a grant program that would help assuage the more than 20 counties in the Yellowhammer State alone that are considered "maternity care deserts." Britt's last attempt at putting forward MOMS Act legislation was blocked by Democrats whom she said had erroneously characterized the bill as creating a federal pregnancy database, among other "outlandish" claims. The 2025 version also includes Cramer's Unborn Child Support Act to allow state governments to apply child support obligations during gestation. While no Democrats have yet come out in public support, Virginia Sen. Tim Kaine recently co-sponsored the Child Care Availability and Affordability Act with Britt to strengthen tax credits aimed at lowering the cost of day care and the like.
