The One, Big, Beautiful Bill includes a new, tax-friendly provision that would benefit babies born between Jan. 1, 2025, and Dec. 31, 2028, who are U.S. citizens. The so-called Trump Accounts are government-funded with $1,000 when parents open them. A maximum of $5,000 can be contributed to a Trump Account during any given year. The account operates under rules similar to those applicable to an IRA. The House version of the bill required at least one parent to have a Social Security Number (SSN). However, the Senate’s version of the bill has dropped that requirement.
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