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News Topical, Digital Desk : US President Donald Trump on Wednesday launched a "Trump Account." The US government will automatically create a tax-free investment account for every child born in the country.
Trump said the account would be funded with a $1,000 contribution at birth, and allow for additional contributions from parents, employers, states and other donors. Trump said the initiative would give every newborn child born in the United States an economic stake in the future.
An amount of 1 thousand dollars will be deposited in the accounts
He described it as a way to ensure that children start life with assets rather than debt. “We will deposit an initial amount of $1,000 into these individual accounts, which will grow over their lifetime.”
He said that over time, these accounts could accumulate "quite a significant amount." The president said families and supporters would be able to deposit up to $5,000 annually into each account. He said that with modest contributions, the accounts could accumulate at least $50,000 by the time the child turns 18, and possibly much more.
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