Trump Accounts

[easilyscan 1,086]

Apologies if someone already started a thread regarding this & I managed to miss it. 

 

What is a Trump Account?

It's available to children born between January 1, 2025 and December 31, 2028  (only available during his 2nd term)
The child must be a US citizen & have a SS number. Any parent can open an account for a qualifying child, regardless of the parents immigration status.
(Anchor baby friendly)

After a parent opens an account, the U.S. Treasury will contribute $1,000 for newborns.

Private banks & brokerages will manage the money, which must be invested in U.S. equity index funds & charge the accounts no more than 0.10% in annual fees. (My guess is that the 0.10% in annual fees would be in addition to the expense ratio charged by index funds)

Parents can contribute up to $2,500 annually in pretax income, much like they do for retirement accounts. Parents’ employers, relatives, friends, local governments & philanthropic groups can also pitch in. Yearly contributions are capped at $5,000, but contributions from governments & charities don’t count toward that total.

The child can’t access the money until they turn 18 & can only use it for specific purposes, such as paying tuition, starting a business or making a down payment on a home.
Disbursements from the accounts will be subject to taxes.

As far as I know, there are no income limits to qualify.

I'd be interested to know other conservatives feelings regarding this. 

My $0.02
Even if the US treasury (AKA taxpayers) currently had a surplus of 38 trillion, instead of a deficit of that amount, I still wouldn't be on board.  I think it's one of the worst ideas ever, & have to believe that if anyone other than himself came up with the idea, Trump would call them a socialist. 

I'm guessing this will be a really hard subject for the board liberals. If it was Biden that came up with the idea, or Harris (had she won the election) you guys and gals would be all over it & say it's the greatest thing since the invention of the wheel.

But since it came from Trump, your feelings will be mixed at best.

Let's go
 

[SaintsInDome2006 801]

3 minutes ago, easilyscan said:

 I think it's one of the worst ideas ever, & have to believe that if anyone other than himself came up with the idea, Trump would call them a socialist. 

It’s a bad idea. And I don’t know if it’s socialist - Trump administration buying ownership of corporations is definitely socialist & just giving Big Ag a bailout dump of $12 billion is pretty socialist - but it’s just old school free stuff (that the taxpayer pays for) adding to the absurd national debt even further, which is populist.

[easilyscan 1,086]

Just now, SaintsInDome2006 said:

It’s a bad idea. And I don’t know if it’s socialist - Trump administration buying ownership of corporations is definitely socialist & just giving Big Ag a bailout dump of $12 billion is pretty socialist - but it’s just old school free stuff (that the taxpayer pays for) adding to the absurd national debt even further, which is populist.

Well stated. To me at all comes down to one thing, will the US ever get the equivalent of a margin call on its debt ?

If it was just the 38 trillion, I'd say we could slowly whittle it down over time. But adding the current and future unfunded liabilities of 175 trillion relating to the Social Security & Medicare tells me that someday the chickens are going to come home to roost and it's not going to be pretty. 

I don't know what event would/could bring that about, and hope it never happens, but if it does, the country will look back on the great depression of the 30s as a walk in the park.