How 'Trump Accounts' for Children Would Work

A provision in the budget reconciliation bill would create new tax-advantaged savings accounts for children under eight, allowing families to contribute up to $5,000 annually with tax-deferred growth on after-tax contributions. These accounts “will be significant for families who will be eligible for a contribution from the federal government,” says Erin Koeppel, Managing Director of Government Relations and Public Policy Counsel at CFP Board.

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