US President Donald Trump provides a thumbs up as he exits Marine One and walks to board Air Pressure One at Joint Base Andrews, Maryland, on June 6, 2025.
Andrew Caballero-Reynolds | AFP | Getty Photos
The CEOs of Uber, Dell, Goldman Sachs and extra are anticipated to announce Monday that they are going to collectively make investments billions of {dollars} into so-called Trump accounts for the youngsters of their staff, a White Home spokesperson confirmed to CNBC.
The chief are slated to make the commitments throughout President Donald Trump‘s roundtable occasion touting the eponymous pilot program, which might deposit $1,000 from the federal government in investment accounts for new child Individuals. NBC News first reported the main points of the occasion.
Greater than half a dozen company leaders are set to seem for the “Make investments America” roundtable on the White Home at 2 p.m. ET, the White Home official instructed CNBC. They embody:
The availability to create the accounts handed the Home final month as a part of the huge finances invoice that the president is pushing Republicans to ship to his desk earlier than the Fourth of July. The invoice is pending earlier than the Senate, the place it faces robust pushback from some fiscally conservative Republicans who’re demanding main modifications.
This system — beforehand known as “Cash Accounts for Development and Development” or “MAGA Accounts” — would seed index fund accounts with $1,000 in authorities funds for U.S. residents born between Jan. 1, 2025, and Dec. 31, 2028.
The tax-deferred accounts, which observe the general U.S. inventory market, permit extra contributions of as much as $5,000 per yr. The seed cash can be funded by the Treasury Division and managed by the kid’s guardians. Funds may be distributed as soon as the beneficiary turns 18.
The pilot program is just like different financial savings account choices that exist already, together with 529 school financial savings plans, which have higher contribution limits. Some financial advisors say that the Trump accounts could not supply the very best funding incentives.
“The passage of the One Massive Stunning Invoice will actually change the lives of working, center class households throughout America by delivering the most important tax cuts in historical past, growing the kid tax credit score, and by creating this unimaginable new ‘Trump Account’ program, which can put the lives of younger Individuals on the best monetary path!” White Home press secretary Karoline Leavitt instructed CNBC in an announcement.
That is growing information. Please examine again for updates.
— CNBC’s Megan Cassella and Jessica Dickler and NBC Information’ Garrett Haake contributed to this report.