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Millions Sign Up for Trump Accounts, But Are They a Wise Investment?
['Jason Bramwell']
CPA Practice Advisor
Millions of children became eligible for the new “Trump Accounts” this summer, with those born during the president’s second term eligible for a $1,000 donation from the federal government.
Others caution that, as an investment, Trump Accounts are not the best option for parents looking to give their children a financial leg up at age 18.
He is advising his clients to set up the Trump Accounts to get any eligible donations but then put their money elsewhere.
For a downpayment on a first home, Trump Accounts limit the withdrawal to $10,000.
Jenny Pokempner, an attorney at the Youth Law Center in San Francisco believes Trump Accounts are flawed because they don’t target low-income families.