✉news BusinessPersonal Finance first seen 22 h ago, last 3 h ago, peak #3
Trump administration auto-enrolls newborns in savings accounts with tax catch
Original: Trump is auto-enrolling your kid in this program — and it may create tax consequences for you
The Trump administration is automatically enrolling babies born in the US in the new federally backed savings accounts, which start with a $1,000 government seed deposit. Personal finance outlets are flagging that the auto-enrollment may carry tax consequences for parents, and readers are being urged to check the rules before contributing or withdrawing.
Why now: Parents are reacting to news that their newborns are being signed up for a government program without action on their part, with potential tax implications.
Donald TrumpTrump accountsInternal Revenue Service
Evidence
- Trump is auto-enrolling your kid in this program — and it may create tax consequences for you · San Francisco Chronicle
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