Major S&P 500 company pledges $1,000 per child

Robinhood Markets (Nasdaq: HOOD), the e-trading level offering cryptocurrencies and tokenized stocks, has committed to contributing $1,000 each to Trump Accounts for eligible children of its employees.

The fiscal services institution said the inaugural is portion of its ngo of democratizing finance.

The Trump accounts programme is portion of the Working Families Tax Cuts (Section 70204) proviso of the One Big Beautiful Bill Act (OBBBA) that President Donald Trump signed into instrumentality connected July 4.

The relationship is for a kid nether the property of 18 who holds a valid Social Security number before the extremity of the calendar twelvemonth successful which the predetermination is made.

The relationship features a aviator programme publication of $1,000 from the U.S. Treasury for children who are calved betwixt Jan. 1, 2025, and Dec. 31, 2028, are U.S. citizens, and clasp a valid Social Security number.

Parents, guardians, oregon others tin elite to unfastened a Trump Account for an eligible kid erstwhile they file 2025 taxes oregon done an online portal that volition beryllium disposable by summertime 2026.

Authorized contributions from individuals and employers are allowed up to $5,000 annually.

Employers tin lend up to $2,500 per twelvemonth toward an employee’s oregon dependent’s Trump Account without it counting arsenic taxable income for the employee.

Funds indispensable beryllium invested successful definite communal funds oregon exchange-traded funds that way a U.S. banal scale specified arsenic the S&P 500.

Generally, wealth cannot beryllium withdrawn earlier the twelvemonth the kid turns 18. Once the idiosyncratic is an adult, the relationship is treated similar a accepted idiosyncratic status relationship (IRA) with akin taxation rules.

Trump Accounts launches connected July 4, 2026.

Related: American kids to person escaped $1,000 but they can’t enactment it successful Bitcoin

"This is simply a pro-family inaugural that volition assistance millions of Americans harness the spot of our system to assistance up the adjacent generation," Trump said.

Nonprofit organizations and section governments tin besides lend to Trump accounts of each children successful a authorities oregon qualified geographic area.