IRS Chief Executive Frank Bisignano outlined ambitious expansion plans for Trump Accounts, a new tax-deferred investment product designed for minors. Speaking on a financial news program, Bisignano articulated a target of establishing accounts for approximately 70 million children under the age of 18, representing universal coverage of that demographic.
As of July 10, enrollment figures stood at 6.5 million children, according to data from the U.S. Treasury Department. Bisignano, who also serves as commissioner of the Social Security Administration, emphasized the importance of achieving broad participation, stating that ideally every family would participate in the program.
Bisignano highlighted multiple distribution channels being explored to facilitate enrollment growth. He disclosed meetings with executives from tax-preparation companies to assess their capacity to help distribute accounts, and noted that banks represent another potential avenue for making the accounts available to families. He characterized the initiative as fundamentally a technology undertaking focused on simplifying the enrollment process for consumers.
Several financial incentives have been structured to encourage participation. These include $1,000 in federal seed funding for infants born between 2025 and 2028, employer matching contributions, and grants from philanthropic sources including Michael and Susan Dell. Bisignano cited these incentives as key factors supporting his confidence in reaching the 70 million enrollment target.
Separately, Brad Gerstner, chief executive of an investment firm and a key architect of the Trump Accounts program, suggested that automatic enrollment through the Social Security Administration could be implemented to expedite account creation for all eligible children, potentially establishing millions of accounts in the coming months.
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