More than 5 million children have been enrolled in Trump Accounts as of Tax Day, Treasury Secretary Scott Bessent announced Wednesday, with the primary enrollment method being the newly introduced IRS Form 4547 filed alongside a standard tax return.
The accounts are set to officially launch on July 4. All accounts opened for children born between January 1, 2025, and December 31, 2028, will automatically receive a $1,000 seed investment from the U.S. Treasury Department. Of the 5 million enrolled, 1.2 million qualify for that seed money.
“Look, the wealthy don’t need tax-advantaged funds,” Bessent said at CNBC’s Invest in America Forum, dismissing critics who called the seed amount too small as “elitist” and “tone-deaf.” He cited a conversation with the Mortgage Bankers Association, noting that only about 30% of initiated mortgages are completed, often due to small upfront financial gaps. “They said many buyers fall short because they don’t even have $1,000 to cover costs like credit checks or title insurance,” Bessent said. “An additional $5,000 could help many more people get across the finish line.”
Each account may receive up to $5,000 per year from family members, friends, or employers. White House projections suggest a child born in 2026 could accumulate roughly $5,800 by age 18 with no additional deposits. With maximum sustained contributions from parents and employers, that figure rises to approximately $303,800.
The goal, according to the White House, is to send American children into adulthood with capital they can use for education, a first home, or starting a business.
