IRS Chief Executive Frank Bisignano outlined ambitious expansion plans for Trump Accounts, tax-deferred investment accounts designed for children, during a recent television appearance. Bisignano stated that the ultimate objective involves enrolling approximately 70 million children under the age of 18 in the program. 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 technological and operational components of the initiative. He noted that enrollment processes could be streamlined substantially through existing infrastructure. To facilitate broader adoption, Bisignano indicated he has engaged with leadership from tax-preparation firms regarding their potential role in distributing Trump Accounts. Additionally, he mentioned that traditional banking institutions could serve as distribution channels for the accounts.
The program incorporates several financial incentives designed to encourage participation among eligible families. Newborns born between 2025 and 2028 receive $1,000 in federal seed funding. Additional support comes from employer matching contributions and grants provided by philanthropic donors, including Michael and Susan Dell. Bisignano attributed his confidence in reaching the 70 million enrollment target to these combined financial motivations.
Separately, Brad Gerstler, CEO of Altimeter Capital and a key figure in developing the Trump Accounts initiative, previously suggested that automatic enrollment mechanisms could accelerate adoption. Gerstler proposed that the Social Security Administration could proactively create accounts for all eligible children under 18 over the coming months, potentially bypassing the need for individual family enrollment applications.
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