As many as 25 million Trump Accounts could have funds deposited into them by the middle of October, Internal Revenue Service CEO Frank Bisignano said on Friday.
Bisignano made the comment during an appearance on CNBC’s “Power Lunch”, following a Treasury Department announcement that more than 60 million American children under the age of 18 had been automatically enrolled in the new tax-deferred savings and investment accounts.
It remains unclear whether Bisignano’s estimate refers to contributions from families and employers, government grants, or a combination of the available funding sources.
The Trump Accounts, also known as 530A accounts, were launched on July 4 and are available to US children under 18 who have a Social Security number.
Children born between 2025 and 2028 are eligible to receive a one-time $1,000 contribution from the Treasury Department under the programme.
Additional funding could come from private sources.
Billionaire Michael Dell and his wife, Susan Dell, have committed $6.25bn to provide money for children born between 2016 and 2024 who are not eligible for the federal government’s $1,000 seed contribution.
According to the Dell Foundation, the commitment could provide investment accounts for about 25 million American children.
Families whose children were automatically enrolled must still claim the accounts through the Trump Accounts app before they can receive the Treasury’s $1,000 contribution and any other deposits for which they qualify.
The programme has been a priority for the Trump administration, with Bisignano tasked with helping expand access to the accounts.
During his CNBC appearance, Bisignano said about 72 companies had committed to matching contributions for the children of their employees.
He added that philanthropists in several states had also pledged additional funds for eligible families.
“We have many more donors that want to be part of this,” Bisignano said.
The latest development comes as the US approaches the midterm elections, with national public polling cited in the source showing Democrats leading at the time.
The Trump Accounts programme is designed to give eligible children access to tax-deferred investment accounts, with government and private contributions potentially providing the initial funds.
