How US parents can sign up to claim $1,000 for children born between specific years
A new US policy says that children born between two years can receive $1,000, and the bill has now been passed.
Under the scheme, if a child is born between between January 1 2025 and December 1 2028 then they are eligible to receive $1,000.
Coincidentally these are also the years that make up Trump's second presidency in the White House, which is due to end in January 2029 when whoever wins the 2028 US election will be sworn in.
After passing, the new policy has been confirmed to launch on July 4 this year, lining up with the Independence Day celebrations.
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It formed part of Trump's 'big, beautiful bill', and said: “This is a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation. And they'll really be getting a big jump on life.”
The money will be sent out to something called a 'Trump Account' created in the child's name, which will be set to 'track the overall stock market'.
Parents can also add their own money into the account as well in order to get more out of the scheme if they want to.
How can parents sign up for this scheme?
If someone has a child who is eligible for the account they can open it while filing their taxes.
This will be done using the IRS form 4547 - the numbers of Trump's two presidencies where he was the 45th and 47th president.
It will also be possible to fill out an online form to open an account on the website TrumpAccounts.gov.
They then added that they will be contacted when it's time to activate their account.
Where does the money come from?
The money is invested from the US Treasury into an index fund.
Each Trump Account is tied to the US stock market, where its value will change according to the market's performance.
Only newborn babies are eligible for the $1,000 fund from the treasury.
Parents can also add in up to $5,000 a year from their own money.
When does the money become available?
An account is locked from the day it is created up until the child turns 18.
However, while the money does become available then, they don't have to claim it immediately.
Which companies are involved in the scheme?
Around 50 companies have been confirmed as involved in the accounts, according to Americans for Tax Reform.
A full list is here:
Acorns
Anand Legacy Foundation
Bank of America
Bank of New York Mellon
BlackRock
Block, Inc.
Broadcom
Brownstein Hyatt Farber Schreck
Charles Schwab Corporation
Charter Communications
Chime Financial Inc.
Chipotle
Citi
Coinbase
Comcast
Continental Resources
CTIA
Dalio Philanthropies – Ray and Barbara Dalio
Dell Technologies
Delta Airlines
Empower
Fox Corporation
Galaxy Digital Inc.
Harold Hamm
Heritage Foundation
IBM
Intel
Invesco
Invest America — Brad Gerstner (Trump Accounts inventor)
Investment Company Institute
JPMorgan Chase & Co.
Kraken
Mastercard
Michael and Susan Dell Foundation
News Corporation
Nicki Minaj
Nvidia
Replit
Robinhood Markets, Inc.
Russell Investment Group, LLC
S & P Global
SoFi Technologies, Inc.
Steak ‘n Shake
State Street
Turning Point USA
UBER
Vanguard
Visa
Wells Fargo
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Topics: News, US News, Donald Trump, Money
Kit Roberts