IRS CEO says Trump Accounts could reach all 70 million U.S. children
IRS CEO Frank Bisignano, who has been tasked with leading the expansion of Trump Accounts, told CNBC’s “Squawk Box” on Thursday that he expects every family to one day have one of the new tax-deferred investment accounts for children.
“We have the ability to sign people up very simply, and I think our goal is to have 70 million kids under 18 have a Trump Account,” Bigisnano said. he said.
According to the US Treasury Department’s calculation dated July 10, families have registered 6.5 million children so far.
“We need to have every family sign up for a Trump Account,” Bisignano said.
Bisignano, who also serves as commissioner of the Social Security Administration, said he met with CEOs of tax preparation companies to discuss their ability to distribute Trump Accounts. He also talked about the potential for distribution through banks.
“This is essentially a technology business, and I think we’re going to make it easier for people to sign up,” Bisignano said.
He also pointed to financial incentives, including a $1,000 federal seed money for babies born between 2025 and 2028, funds from employers and donations from philanthropists like Michael and Susan Dell, as a way to encourage enrollment. “That’s why I have so much confidence in the 70 million in the end,” Bisignano said.
Earlier this month, Brad Gerstner, CEO of Altimeter Capital, which leads Trump Accounts, suggested in an appearance on CNBC that the government could automatically enroll eligible children. “I expect that within the next few months, we will work with the Social Security Administration to automatically create 70 million accounts for every child under 18,” he said.
