Over 4 Million Children Have Registered For Trump Accounts, IRS Says

The Internal Revenue Service (IRS) reported on Tuesday that over 4 million U.S. children have been registered for the tax-advantaged Trump Accounts, with more than 1 million choosing the $1,000 pilot program contribution.

The IRS, working with the Treasury Department, has simplified the election process. As Frank J. Bisignano, IRS Chief Executive Officer, stated, “Families with eligible children born between 2025 and 2028 just need to check the box on a form to stake their claim for the $1,000 contribution. It's that simple.”

The data reflects only the number of Form 4547 (Trump Account Election) filings submitted with individual tax returns to the IRS so far.

The “Trump Accounts” or “Invest America” accounts were established under President Donald Trump‘s One Big, Beautiful Bill. The initiative provides every child born between Jan. 1, 2025, and Dec. 31, 2028, a tax-advantaged investment account, seeded with $1,000 from the federal government. 

It also allows parents or guardians to open a new type of retirement account for minors under 18 who have a valid Social Security number.

Trump Accounts Spark Praise, Criticism

Investor Anthony Pompliano estimated that this $1,000 could grow into "as much as $500,000 by the time of retirement for the account holders." He called it a robust wealth-building vehicle that also reshapes how individuals participate in the capitalist system. Pompliano added that it could grow to as much as $1 million if families consistently contribute the maximum each year

While the initiative has also been praised by billionaire investor Bill Ackman for providing every newborn American with a stake in capitalism, it has also drawn criticism. Personal finance expert Dave Ramsey called the Trump Accounts a "political stunt,” while informing callers that there are other ways to save.

Amid widespread corporate support, companies like Dell Technologies (NASDAQ:DELL), SoFi Technologies (NASDAQ:SOFI), Charles Schwab Corp. (NYSE:SCHW), Uber Technologies Inc. (NYSE:UBER), Mastercard Inc. (NYSE:MA), JPMorgan Chase & Co. (NYSE:JPM), Coinbase Global Inc. (NASDAQ:COIN) , Comcast Corp. (NASDAQ:CMCSA) and more have announced matching contribution programs to the Trump Accounts.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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