DUBAI: U.S. Republican Congresswoman Virginia Foxx has urged American families to take advantage of new “Trump Investment Accounts”, a tax-advantaged savings programme introduced under the Working Families Tax Cuts Act.
Foxx, who represents North Carolina in the U.S. House of Representatives, said the accounts are available free of charge to U.S. citizens under the age of 18 who hold a valid Social Security number.
Under a pilot scheme, children born between January 1, 2025, and December 31, 2028, will receive an initial government contribution of $1,000 into their accounts, according to information released by the White House and cited by Foxx.
Parents can contribute up to $5,000 annually, while employers may add up to $2,500 a year within the overall contribution limit. More than 50 companies have already committed to making contributions for employees’ children, Foxx said.
According to figures cited by the congresswoman, about 86% of newly opened accounts belong to families earning less than $200,000 annually.
Foxx said the programme would help families plan for their children’s financial future and provide younger Americans with an early opportunity to build savings and investments.
The initiative is one of several economic measures promoted by President Donald Trump’s administration following the passage of the Working Families Tax Cuts Act last year.
