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House Bill Offers New Tax-Favored Savings Account
Snell & Wilmer 
May 23, 2025 "Parents or legal guardians may open accounts on behalf of eligible children ... The Act calls for the federal government to seed each Trump Account with an initial $1,000 deposit upon creation.... Contributions would be capped at $5,000 per year, adjusted for inflation.... Favorable tax treatment would apply to payment of certain 'qualified expenses,' including costs related to financing higher education, purchasing a home, or starting up a small business.... No distributions are permitted until the beneficiary turns 18, except in limited circumstances." MORE >> |
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