Michael and Susan Dell pledged $6.25 billion to boost participation in the new "Trump Accounts" child investment program. "The historic gift has little precedent, with few single charitable commitments in the past 25 years exceeding $1 billion, much less multiple billions," notes the Associated Press. "Announced on GivingTuesday, the Dells believe it's the largest single private commitment made to U.S. children." From the report: Its structure is also unusual. Essentially, it builds on the "Trump Accounts" program (PDF), where the U.S. Department of the Treasury will deposit $1,000 into investment accounts set up by Treasury for American children born between Jan. 1, 2025 and Dec. 31, 2028. The Dells' gift will use the "Trump Accounts" infrastructure to give $250 to each qualified child under 10. Though the "Trump Accounts" became law as part of the president's signature legislation in July, the Dells say the accounts will not launch until July 4, 2026. Michael Dell said they wanted to mark the 250th anniversary of U.S. independence.
[...] Under the new law, "Trump Accounts" are available to any American child under 18 with a Social Security number and their families can fund the accounts, which must be invested in an index fund that tracks the overall stock market. When the children turn 18, they can withdraw the funds to put toward their education, to buy a home or to start a business. The Dells will put money into the accounts of children 10 and younger who live in ZIP codes with a median family income of $150,000 or less and who won't get the $1,000 seed money from the Treasury. The Dells hope their gift will encourage families to claim the accounts and deposit more money into it, even small amounts, so it will grow over time along with the stock market. The report notes that the timed rollout of the $1,000 deposits gives Republicans a strategic political advantage by delivering money to voters during the 2026 midterms and halting the benefit right after the 2028 presidential election.
Read more of this story at Slashdot.
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