(Morgan Sweeney, The Center Square) President Donald Trump hosted another roundtable Monday promoting his ‘one big, beautiful’ budget bill currently before the Senate.
Speaker of the House of Representatives Mike Johnson, other key members of the House, several people from the administration and a handful of business leaders joined the president at the White House Monday to promote the bill’s savings accounts for babies, also referred to as “Trump accounts.”
For Americans born within the next four years, from Jan. 1, 2025, to Dec. 31, 2028, the federal government will contribute $1,000 to a tax-deferred index fund tied to the stock market. Parents will control the accounts until their child or children are 18, and parents, friends, employers or charitable sources can contribute up to a maximum of $5,000 per year.
Trump called the provision a “pro-family initiative.”
“[It] 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, especially if we get a little bit lucky with some of the numbers and the economies into the future,” he said.
The CEOs of Dell Technologies, Goldman Sachs and Uber were also part of the panel. Michael Dell has promised, if the bill is passed, to match the government’s contribution for qualifying employees, calling the provision a “powerful platform for philanthropic innovation.”
“This isn’t just a new benefit. This is investment in our people, their families, our communities and America’s future, and it embodies our core belief that opportunity should begin at birth,” Dell said.
The Trump-backed ‘big, beautiful bill’ is before the Senate and the president has urged the upper chamber to pass it by July 4, though Republicans are split over how it is predicted to add to the federal deficit, as well as changes to Medicaid and other assistance programs.
Last week, Trump welcomed representatives from the National Fraternal Order of Police, an organization that endorsed him for president in 2024 and recently lent its support to the bill, for a similar event. They specifically commended the bill’s removal of federal income tax on overtime.
