💨 Abstract
The "One Big Beautiful Bill Act" introduces "Trump Accounts," tax-advantaged savings accounts for children born between 2025 and 2028. Eligible newborns receive an initial $1,000 deposit from the government, with annual contributions up to $5,000 allowed from parents, employers, and others. Withdrawals can occur after the child turns 18 and are taxed as regular income.
Courtesy: WTOP Staff
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