White House Launches “Trump Accounts” for Minors, Offering Tax Benefits and USD 1,000 Seed Funding

According to Lianhe Zaobao, the White House has formally launched “Trump Accounts” for minors, allowing parents or guardians to open long-term stock market investment accounts for children under 18 at no cost, with investment gains eligible for tax benefits. Minors born from early 2025 through the end of 2028 can also receive USD 1,000 (about SGD 1,300) in federal “seed investment,” the White House said. The White House said applications have exceeded 6 million, with more than 86% coming from families with annual income below USD 200,000. The policy has drawn criticism, with opponents arguing many low-income families lack the financial capacity to keep contributing and that the application process may be too cumbersome for the children most in need to benefit. Some members of the U.S. Congress have proposed legislation to simplify the application process and strengthen benefit protections, while experts warned that without design changes the program could disproportionately benefit white and middle- to higher-income families and widen racial wealth gaps.