Cruz and Booker urge Fortune 1000 CEOs to support for ‘Trump Accounts’ program

Sense. Ted CruzTexas Republican Rep. Cory Booker, a Democrat, urged leaders of Fortune 1000 companies in a letter Tuesday to support the newly created federal savings program known as “Trump Accounts,” a tax-advantaged investment account created for America’s newborn children.

The program was created by the One Big Beautiful Bill and signed into law by the president Donald Trump July 4 provides every baby born between January 1, 2025 and December 31, 2028, with a one-time $1,000 government deposit at birth. Families can open an account once a child has a Social Security number, and funds cannot be withdrawn until the child turns 18.

“These accounts will launch a once-in-a-generation expansion of economic opportunity and prosperity for every American child, helping millions of families achieve the American Dream through homeownership, education, or entrepreneurship,” the senators wrote.

White House reveals ‘Trump accounts’ for children with $6.25 billion in DELL investments

Sens. Ted Cruz, R-Texas, and Cory Booker, D-N.J., led a bipartisan effort to urge CEOs of Fortune 1000 companies to support “Trump’s calculations.” (Tom Williams/CQ Roll Call/Andrew Harnick/Getty Images)

Senators also emphasized the long-term financial benefits.

“These tax-advantaged accounts ensure that every American child will be a direct shareholder in America’s largest corporations and will experience the miracle of compound growth throughout their lives,” they wrote.

“We believe these accounts — much like 401(k) accounts — represent a transformative tool for building long-term financial security, expanding economic prosperity, and fundamentally restoring confidence in American capitalism.”

The letter also urged companies to join the effort.

A “Trump Account” is a tax-advantaged account included in the One Big Beautiful Bill Act. (Tim Clayton/Corbis/Getty Images)

“Many companies have already pledged support, and we encourage your company to explore how you can contribute at a level that aligns with your mission and capabilities. By matching contributions to employee families, investing in the communities in which you operate, or integrating these accounts into your philanthropic strategy, you can significantly enhance the impact of this historic initiative.”

This bipartisan call follows a $6.25 billion investment from Michael Dell, founder and CEO of Dell Technologies, and his wife, Susan.

Michael and Susan Dell donate $6.25 billion to fund Trump’s accounts

Michael and Susan Dell announced a $6.25 billion investment in X and later joined President Donald Trump at the White House. (Andrew Caballero-Reynolds/AFP/Getty Images)

The two joined Trump at the White House to share additional details about their pledge, the first major infusion of private funding for the program.

“These investment accounts are simple, safe, and structured to grow in value through market returns over time,” the couple said in a statement. “At age 18, these young Americans can have a financial foundation for continuing education, job training, home ownership, or future savings. It’s a simple but very powerful idea.”

Trump called the Deal family’s investment a “fantastic job” and “generous” and said he would also make a donation to the federal savings program.

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The Treasury Department estimates that Trump’s accounts could accumulate to a seven-figure balance by early adulthood if families maximize their contributions.

A fully funded account can have up to $1.9 million at age 28According to the Treasury Department’s Office of Tax Analysis. Even at the minimum expected returns, Savings account It could still generate nearly $600,000 over the same period.

Even without additional contributions beyond the federal government’s initial $1,000 DepositThe Treasury Department estimates the account could grow to between $3,000 and $13,800 over 18 years.