Sen. Ted Cruz (R-TX) and Sen. Cory Booker (D-NJ) wrote a letter on Monday to Fortune 1000 CEOs urging them to champion and contribute to “Trump accounts.”
The “Money Accounts for Growth and Advancement” tax-advantaged investment accounts, commonly referred to as “Trump accounts,” provide children born between 2025 and 2028 with one-time, government-funded payments of $1,000 that they can use as a savings vehicle and access at age 18.
As it stands, parents, family, employers, and philanthropists can contribute to a child’s Trump account until the child becomes a legal adult.
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The senators encouraged Fortune 1000 companies, which include major employers such as Apple and Amazon, to contribute to the accounts of their employees’ children. Employer contributions are limited to $2,500 and will not count toward
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