Wealthy Americans rush to fund Trump savings accounts for newborns, Hassett says

The head of the White House National Economic Council said wealthy Americans are looking to help finance the seed money for the so-called “Trump accounts“For newborns.

NEC Director Kevin Hassett said in a Friday appearance on FOX Business Network.Morning with Maria“There is an increase in interest among wealthy Americans interested in making donations to provide funds to help fund accounts on top of the government contribution.

“Michael Dell came out with $6.2 billion and said, ‘You know what?'” Hassett said. “For every person 10 or under, I’ll give them all $250, and it does this for 25 million people.'” “And since Michael Dell did that, we’ve got people, wealthy people all over the country, turning off our phones and saying, ‘Hey, we want to do that, too.'”

“It’s a new model,” Hassett added. “It’s a new platform for making society more just, but doing so voluntarily, with the profits well-earned by American philanthropists.”

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

Kevin Hassett, director of the National Economic Council, said wealthy Americans are increasingly interested in contributing to Trump’s accounts. (Kevin Deitch/Getty Images)

Hassett, who is being considered for the next head of the Federal Reserve as President Donald Trump considers candidates to fill the vacancy resulting from the expiration of Jerome Powell’s term as chairman next year, said Trump’s calculations help young Americans by giving them a stake in the success of the American economy.

“What he did with Trump’s account is he made every child, when they’re born in America, get a piece of the pie. They get a piece of the work, they get money that goes into a fund.” Broad-based index fund So that they feel like they are part of the capitalist system. “They are part of the economy that makes us all very wealthy,” Hassett said.

“And not only that, they’ll say, ‘Oh, I own a $50 Apple.'” “They can look at the companies in the index funds themselves,” Hassett said.

Sense. Cruz and Booker urge business leaders to support Trump Accounts program

Parents playing outside with their child. (Getty Images)

The director of the National Elections Commission also pointed out that the law creating Trump accounts did not only provide for him Newborns to receive accountsbut accounts have also been created for Americans 18 or younger.

The new savings program is included in the One Big Beautiful Bill Act, which provides every child born between January 1, 2025 and December 31, 2028, a one-time $1,000 government deposit at birth.

Families are eligible to open an account once their child has a Social Security number, and the funds must remain untouched until the child turns 18.

Parents and other relatives can contribute up to $5,000 each year, subject to a limit Inflation adjustments After 2027.

Trump’s “accounts” for newborns could reach $1.9 million, according to the Treasury Department

Michael Dell (from left), CEO of Dell Technologies, and his wife Susan (second from left) speak during the announcement of the Dell family’s $6.25 billion donation to Trump Accounts. (Andrew Caballero-Reynolds/AFP/Getty Images)

Ministry of Treasury Tax Analysis Office He estimated that if families maximize their contributions and allow the money to grow, it could lead to a large balance.

She expects a fully funded account to be worth up to $1.9 million by age 28, and even at the lower end of expected returns it could total about $600,000 over the same period.

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Without additional contributions beyond the federal government’s initial deposit of $1,000, the Treasury Department estimated the account could grow to between $3,000 and $13,800 over 18 years.

Amanda Macias and Emma Colton of Fox News Digital contributed to this report.