Sen. Ted Cruz (R-TX) and Sen. Cory Booker (D-NJ) wrote a letter on Monday to Fortune 1000 CEOs urging them to champion and contribute to “Trump accounts.”
The “Money Accounts for Growth and Advancement” tax-advantaged investment accounts, commonly referred to as “Trump accounts,” provide children born between 2025 and 2028 with one-time, government-funded payments of $1,000 that they can use as a savings vehicle and access at age 18.
As it stands, parents, family, employers, and philanthropists can contribute to a child’s Trump account until the child becomes a legal adult.
The senators encouraged Fortune 1000 companies, which include major employers such as Apple and Amazon, to contribute to the accounts of their employees’ children. Employer contributions are limited to $2,500 and will not count toward the parents’ taxable income.
“I’m proud to send a bipartisan letter with @SenBooker to Fortune 1000 CEOs, encouraging them to champion these accounts, and thereby to play an active role in shaping the coming decades of American life,” Cruz wrote on X.
The joint letter comes before the 250th anniversary of the signing of the Declaration of Independence.
Ted Cruz-Cory Booker letter to CEOs by web-producers
“As America approaches the 250th anniversary of the signing of the Declaration of Independence, our nation will rightly celebrate and honor the principles that still define our country today,” the joint letter reads. “The company you lead has a unique opportunity to participate in this celebration. We encourage you to join us in this effort to deliver generational impacts for the financial security and personal freedoms of American citizens for generations to come.”
A day after the senators sent their joint letter to the companies, Dell CEO Michael Dell and his wife, Susan Dell, said they plan to donate $6.25 billion to help fund Trump accounts.
The congressional push for the companies’ contributions to “Trump accounts” follows the president’s effort in June, in which he touted the importance of the accounts to the leaders of major corporations in the United States.
DELL CEO DONATES OVER $6 BILLION TO FUND ‘TRUMP ACCOUNTS’ FOR 25 MILLION CHILDREN
“Trump accounts, as they call it, are a pilot program which will make it possible for countless American children to have a strong start in life at no cost to the American taxpayer,” President Donald Trump stated. “It’s going to have a huge impact.”
The language for the Trump account was incorporated into the One Big Beautiful Bill Act, a month after it was first introduced by Cruz as the Invest America Act, as an initiative to bring “fundamental and transformative changes for the financial security and personal freedoms of American citizens for generations.”