More than half a dozen corporate leaders were expected to join President Donald Trump at the White House on Monday for a roundtable highlighting new investment accounts for children.
The accounts would be created under the House’s tax cut and spending legislation being worked on in the Senate.
The CEOs of Uber, Dell and Goldman Sachs were among the attendees expected to announce that they will collectively invest billions of dollars into the accounts for the children of their employees, a White House spokesperson told CNBC.
It was reported last month that a draft of Congress’ reconciliation bill included a proposed retirement fund for kids.
The “money account for growth and advancement” or “MAGA account” is the brainchild of Sen. Ted Cruz, R-Texas, Semafor reported.
Initially called “Invest America,” the initiative was rebranded on its way to the House Ways and Means Committee. Cruz spent months in discussions with House Speaker Mike Johnson, R-La., committee Chair Jason Smith, R-Mo., and the White House, which now refers to them as “Trump Accounts.”
“The passage of the one big, beautiful bill will literally change the lives of working, middle-class families across America by delivering the largest tax cuts in history, increasing the child tax credit, and by creating this incredible new ‘Trump Account’ program, which will put the lives of young Americans on the right financial path!” White House press secretary Karoline Leavitt told CNBC in a statement.
The proposal would create tax-advantaged investment accounts with $1,000 for every newborn baby with a Social Security number born between Jan. 1, 2025, and Dec. 31, 2028. That money then would accumulate interest and value through investments over time.
The tax-deferred accounts, which track the overall U.S. stock market, allow additional contributions of up to $5,000 per year, CNBC reported.
The Treasury Department will provide the seed money, and the account will be controlled by the child’s guardians. Funds can be distributed once the beneficiary turns 18.
Michael Dell, founder and CEO of Dell Technologies; Brad Gerstner, founder and CEO of Altimeter Capital; Rene Haas, CEO of Arm Holdings; Parker Harris, CTO of Slack and cofounder of Salesforce; William McDermott, CEO of ServiceNow; Dara Khosrowshahi, CEO of Uber; David Solomon, chairman and CEO of Goldman Sachs; and Vladimir Tenev, co-founder and CEO of Robinhood were expected to attend the roundtable, which was scheduled to be held in the State Dining Room, CNN reported.
“The creation of investment accounts for every child will compound into substantial nest eggs providing support for education, homeownership and starting families. Dell Technologies will proudly match dollar for dollar the government’s seed investment into these accounts for all the children born to Dell team members. This bold move to an ownership society for all included in the reconciliation bill will have profound and far-reaching benefits for the country,” Dell said.
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