Trump accounts launch with government deposits for eligible children

President Donald Trump marked the official launch of a new investment account program for American children during a White House ceremony Monday.The accounts, known as Trump accounts, became available on July 4 following their creation through Republican-backed tax and spending legislation. The program is designed as an IRA-style investment account for U.S. citizens under the age of 18 who have a Social Security number.As part of the launch, the administration said it deposited a one-time $1,000 contribution into more than 500,000 eligible children's accounts. Children born between 2025 and 2028 are eligible for the government contribution.Families, friends, and employers can also contribute additional funds throughout a child's life, with annual contribution limits in place.The Treasury Department says more than 6 million Trump accounts have already been opened. Parents can create an account by submitting a form to the IRS, and a future app will allow families to track investments.When a child turns 18, the funds can be used without penalties for certain qualified expenses, including higher education, purchasing a first home, or starting a business.Supporters say the program is designed to help children build financial opportunities for the future. Some financial experts have raised concerns that families with more resources may be better positioned to take full advantage of the accounts. For more Coachella Valley News visit NBCPalmSprings.com