The Treasury Department and IRS proposed rules Friday for so-called Trump accounts, savings vehicles for kids that Republicans have touted to spur upward social mobility.
The proposals (REG-117270-25, RIN 1545-BR91; REG-117002-25, RIN 1545-BS00) provide more information on how to sign up and use the accounts created by the GOP’s 2025 tax law.
The federal government will contribute $1,000 to accounts set up for American babies born between 2025 and 2028. Several big names in business and finance have also promised contributions.
To make an election, an authorized individual must open an initial account on or before Dec. ...