Source: IRS website

Dear Editor,

The Working Families Tax Cuts allows parents, guardians and other authorized individuals to establish a new type of individual retirement account for their children, called Trump Accounts. The account is for a child who has not turned age 18* before the end of the calendar year in which the election is made and has a valid Social Security number.

The account features a pilot program contribution of $1,000 for children born between Jan. 1, 2025, and Dec. 31, 2028, and who are U.S. citizens with a valid Social Security number.

Learn more about Trump Accounts and how they work.

My comments and questions are open-ended. 

Trump Accounts sound “innocent” enough.

What “strings” are attached? What’s the “catch?”

Personal information must be revealed. It will be stored. For what later use? Who will have access?

What kind of data base are “they” putting together?

Lastly, where is the money coming from?

I hope those adults considering this investment for their “minors”, will look into it more thoroughly. IRS website directs you to:  See trumpaccounts.gov

*Percentage of the population under 18 – United States 21.5%

According to the United States Census Bureau. Population estimates as of July 1, 2024.

Eileen Z. Fitzsimons       

Town of Dodgeville