Locator: 48796IRA.
This is what I wrote back in early July:
Trump Accounts For Infants And Children: The "$1,000 Trump Accounts" program proposed by President Donald Trump would be tax-deferred investment accounts for newborns, intended to give children a financial head start.
In fact, these accounts are god-awful. Absolutely worthless. They are way too limited, too many strings attached, only allow eight years total investment (birth to age eight), and when tapped, taxed at regular income rates. "529s" are so much better.
We may discuss this again later, once the bill passes, assuming it does (pass).
Now today, a complete flip-flop on my part: either I misread or the source provided me incorrect information or the bill completely changed since I first read about it. Now that the bill has passed, the "Trump accounts for infants and children" program is an incredibly good deal, and I'm thrilled that it exists.
Likely the most read story regarding these accounts is from The New York Times. It would be nice to get the data points without the comments, and then once the data points are provided, then all the pros and cons that they want.
Anyone objecting to these accounts, now that I've seen the rules as written to this point, suggests to me that anyone not taking advantage of these plans is among the top 1% in this country and money means nothing to them. For everyone else, there's a place in one's portfolio for these accounts.
Again, this is a complete flip-flop from my earlier position. Either the rules changed for the better or I completely misread the original bill. However, the article did say the "Trump IRAs" did change as the program worked it was through Congress.
