The U.S. Treasury Department and the Internal Revenue Service (IRS) have officially launched so-called “Trump Accounts” to help newborns build assets. The Treasury Department and the IRS announced that fund transfers to Trump Accounts began on the 4th. They also added that applications for opening accounts have been released on major mobile app stores, including Apple and Google.
The plan involves opening tax-deferred savings and investment accounts for U.S. children, and specifically, the U.S. administration will provide a one-time grant of $1,000 (approximately 1.5 million won) to newborns born between January 1, 2019, and December 31, 2028. For children not born during President Trump’s second term (January 2025–January 2029)—that is, those born before or after that period—funds raised through private donations will be provided via bank account.
Previously, Michael Dell and his wife, founder and CEO of the U.S. computer manufacturer Dell Technologies, donated $6.25 billion to this program, stipulating that $250 each be provided to 25 million children aged 10 or under born in 2024 or earlier. Children from families whose eligibility is verified, such as through tax payments, can apply to open an account before turning 18.