IRS CEO Frank Bisignano stated on Friday that as many as 25 million Trump Accounts could be funded by mid-October. His remarks followed a Treasury Department announcement regarding the automatic enrollment of more than 60 million American children under age 18 in the new tax-deferred savings and investment accounts.
Trump Accounts, formally known as 530A accounts, became available on July 4 and are accessible to all U.S. children under age 18 who possess a Social Security number. Children born between 2025 and 2028 are eligible to receive $1,000 in seed funding from the Treasury Department. Additionally, children born between 2016 and 2024 may qualify for supplemental funding through private philanthropic efforts.
Michael Dell and his wife, Susan, have committed $6.25 billion to provide additional funds for approximately 25 million American children who do not qualify for the federal seed money program. The funding mechanism referenced by Bisignano could relate to family contributions, employer matching programs, or grant disbursements from either the Treasury Department or the Dell Foundation, though the specific funding sources were not clarified in his remarks.
Approximately 72 companies have pledged to match contributions for employees’ children, Bisignano indicated during his appearance. Philanthropists in several states have additionally committed to providing gifts for qualifying families. Families must actively claim auto-enrolled accounts through the Trump Accounts app to access the Treasury’s $1,000 seed money and other eligible deposits. According to Bisignano, additional donors have expressed interest in participating in the initiative.
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