Congressman Fong Highlights Historic Investment Accounts for Newborns, Encourages Local Families to Enroll

BAKERSFIELD, Calif. — This week, Congressman Vince Fong (CA-20) highlighted the historic investment accounts created by the Invest America Act, passed by Congress last summer as part of the Working Families Tax Cut (P.L. 119-21). New details released by the White House last Wednesday outlined who is eligible for these new tax-deferred savings accounts and how parents can enroll to create one for their children. Dubbed “Trump Accounts,” they are available to any American child under 18 with a Social Security number.

“This historic new savings tool will build long-term financial security for millions of children across the country,” said Congressman Fong. “As tax season begins, I encourage all of the families in our community who are eligible to fill out the necessary IRS forms and claim their child’s account. With these accounts, the next generation will get a head start on the American dream by saving for their future and gain the financial literacy skills they need to propel themselves to success.”

American children born between 2025 and 2028 are eligible for a $1,000 government contribution to their Trump Account, and up to $5,000 per year can be contributed to an account from any source, including family, friends, and employers. The White House estimates that nearly 25 million families are eligible to receive this initial $1,000 investment from the Treasury Department. Children born before 2025 do not qualify for the $1,000 initial investment but parents can still open accounts for them, as long as they are under the age of 18.

The Treasury Department estimates that by age 60, a single deposit at birth can grow to nearly $500,000 with average returns and over $1 million in strong markets. Based on an analysis by the Council of Economic Advisers, the accounts could be worth more than $300,000 by the time the child (born in 2026) turns 18 if the maximum annual contributions are made. Parents must fill out an IRS Form 4547 to make the election to claim their Trump Account for eligible children. The form will also allow parents to elect the $1,000 contribution from the U.S. Treasury. IRS Form 4547 can be filed at any time, including at the same time as the electing individual’s 2025 income tax return is filed. Beginning mid-2026, these elections can also be made through an online account at https://trumpaccounts.gov/.

Congressman Fong also applauded the support that Trump Accounts have drawn from a number of business leaders, corporations, philanthropists, and celebrities, including Dell Technologies, Uber, the Anand Legacy Foundation, Mastercard, Charter Communications, Visa, Nicki Minaj, and more. 

“It has been wonderful to see so many charitable contributions to these accounts from national philanthropists like Michael and Susan Dell to local philanthropists here in our Bakersfield community like Ajay Anand and his family’s charitable nonprofit, the Anand Legacy Foundation,” continued Congressman Fong. “Their generosity will positively shape the lives of many newborns in Kern County, and when combined with the initial investment millions of newborns will receive from the government, will ensure this next generation achieves a brighter future and experiences the power of capitalism like no one has before.”

In December, the founder of Dell Technologies and his wife pledged over $6 billion to add $250 to the accounts of children aged under 11, who were born before the accounts’ cutoff date of January 1, 2025, and who live in areas where the median income is below $150,000. This week, the Anand Legacy Foundation announced it has pledged $500,000 to match Trump Accounts, providing a $1,000 donation to newborns of mothers enrolled in eligible rehabilitation programs in Kern County. 

“This landmark initiative with generational impact reflects our strong commitment to an America-first vision, creating a pathway to prosperity for American children, representing our meaningful investment in the future of at-risk and vulnerable newborns in Kern County, and underscoring the Foundation’s ongoing mission to uplift families through opportunity and early financial empowerment,” said Ajay Anand, Founder & CEO, Anand Legacy Foundation.

“Trump Accounts serve as a powerful platform for business leaders, philanthropists, and families to directly support children in their communities. By investing in Kern County’ s next generation, these accounts help strengthen families, expand opportunity, and build a more resilient future for the entire community,” said Matt Lira, Executive Director of the Invest America Foundation. 

For those interested in making charitable donations to increase the initial funds contributed by the government to these accounts, please visit https://trumpaccounts.gov/ and click on the “Participate” button or visit InvestAmerica.org to learn more.