Trump Accounts Reach Six Million Enrolled Children as Federal Program Activates July 2026
The Trump Accounts program, established by the Working Families Tax Cuts signed July 4, 2025, reached six million enrolled children by early July 2026, combining IRS-processed tax-return elections with Social Security Administration newborn auto-enrollment. IRS guidance has confirmed a $5,000 annual contribution cap, a one-time $1,000 federal pilot deposit for children born 2025 through 2028, a default S&P 500-tracking investment menu, and a pre-age-18 withdrawal restriction. Two significant gaps remain: state income tax conformity is unresolved across the 42 states with income taxes, and final regulations on employer contribution mechanics have not yet been issued.