From CNBC · Jessica Dickler,Kate Dore, CFP®, EA · · 1m 10s
Trump Accounts hit 70 million as stock donations open
Nearly 70 million Trump Accounts have been enrolled, with the Treasury now allowing stock donations that could attract mega-donors giving in the nine-digit range.
In brief
Nearly 70 million Trump Accounts have been enrolled, with the Treasury now allowing stock donations that could attract mega-donors giving in the nine-digit range. Trump Accounts for children born between 2025 and 2028 have reached nearly 70 million enrollments, with new Treasury rules permitting stock donations to…
Nearly 70 million accounts created
Trump Accounts for children born between 2025 and 2028 have reached nearly 70 million enrollments, with more than 60 million created this month through automatic enrollment.
Government seed money and donations
Each eligible account receives a one-time one thousand dollar deposit from the U.S. Department of the Treasury, plus contributions from families and philanthropic gifts totalling over four point five billion dollars.
Treasury permits stock donations
The Treasury Department published temporary regulations last week allowing Trump Accounts to hold donated individual stocks, a change from previous guidelines that only permitted diversified, low-cost index funds.
Mega-donors in the pipeline
Internal Revenue Service CEO Frank Bisignano said Thursday on CNBC's Squawk Box that several major gifts are coming, including mega donors in the nine-digit range.
“They range from small to mega. We do have mega donors in the nine-digit range, you know, bunches of them.”
The key point
Trump Accounts for children born between 2025 and 2028 have reached nearly 70 million enrollments, with new Treasury rules permitting stock donations to boost philanthropic giving.
