Up to 25 million Trump Accounts could be funded by mid-October: IRS CEO

Up to 25 million Trump Accounts could be funded by mid-October, IRS CEO Frank Bisignano said Friday on CNBC’s “Power Lunch.”

His comments follow the U.S. Department of the Treasury announcement Thursday that more than 60 million American children under age 18 have been automatically enrolled in the new tax-deferred savings and investment accounts.

It’s unclear whether Bisignano was referring to family and employer contributions or grant money, including the one-time $1,000 pilot program from the Treasury Department or the $250 Dell grant earmarked for 25 million kids.

Trump Accounts, also known as 530A accounts, launched on July 4 and are open to all U.S. children under age 18 with a Social Security number. Babies born from 2025 to 2028 are also eligible for $1,000 seed money from the Treasury.

Other free money may also be available. Michael Dell and his wife, Susan, committed $6.25 billion to provide additional funds for children born between 2016 and 2024 who don’t qualify for the federal seed money. The commitment could fund investment accounts for some 25 million American children, according to the Dell Foundation.

The latest Trump Account news comes as the midterm elections approach, with Democrats leading in recent national public polling. 

Families must still claim auto-enrolled accounts via the Trump Accounts app to receive the Treasury’s $1,000 seed money and other deposits, if eligible.

Expanding access to the investment accounts was a priority for the Trump administration. Bisignano was tasked with leading that effort.

About 72 companies have pledged to match contributions for children of employees, Bisignano said during his “Power Lunch” appearance, and philanthropists in several states have committed to additional gifts for certain qualifying families. 

“We have many more donors that want to be part of this,” Bisignano said Friday.