As he builds his plans around his “big, beautiful bill,” US President Donald Trump has announced intentions to award $1,000 to everyone who was born between two certain years.
Trump unveiled a new plan on Monday, June 9, that will give $1,000 government-funded investing accounts to American infants born in certain years.
The president made the announcement at the White House, referring to the accounts as “Trump accounts” and stating that they will “track the overall stock market.”
It is a component of his ‘big, beautiful bill’ ambitions, which seemed to cause a schism with his erstwhile ‘First Buddy’ Elon Musk, who blasted the proposed law, claiming it would reverse all of his efforts at the Department of Government Efficiency (DOGE).
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In his latest announcement about the so-called ‘Trump accounts’, the POTUS explained, “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.”
“These accounts will be private property controlled by the child’s guardians.”
“A pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation,” the president said of the accounts, which permit individual donations of up to $5,000 annually.
Meanwhile, House speaker Mike Johnson said, “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.”
There is a small catch, though.
The action would depend on the approval of Trump’s contentious “big, beautiful bill,” which still needs to pass the Senate.
What is Trump’s ‘big, beautiful bill’?
The House debated Trump’s ‘big, beautiful bill’ last month, and despite the fierce opposition of Democrats, it was carried by a single vote.
In addition to rerouting funds to border security and the military, the proposed law includes a number of tax savings, such as a freeze on taxes on overtime and no tip taxes for workers in the service and beauty sectors.
Additionally, it would open the door for $200 levies on gun silencers and tax deductions of up to $10,000 in interest on auto loans for vehicles manufactured in the United States.
Nonetheless, it is marketed as a short-term exception that will expire in 2028 or 2029 for the interest agreement on auto loans.
In order to compensate for many of the lost tax revenues, the measure also includes contentious adjustments to Medicaid and SNAP food stamp benefits, as well as a $500 increase in the child tax credit, bringing the total to $2,500 until 2028.
This entails limiting funding for undocumented immigrants, conducting more regular eligibility checks, and prohibiting adults and children from receiving funding for gender change therapies.
According to the Congressional Budget Office, the changes to Medicaid, food stamps, and other programs might save $1 trillion, but 8.6 million fewer people would have health insurance as a result.
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