Overview
- Gov. Gavin Newsom publicly urged California families on Friday to enroll their children in the federal Trump Accounts, calling the program a direct, child-focused benefit and urging voters to set politics aside.
- Trump Accounts are tax-advantaged investment accounts available to U.S. children with Social Security numbers, with a one-time $1,000 federal seed for children born between 2025 and 2028 and the ability for families and third parties to contribute and invest funds until beneficiaries reach adulthood.
- Newsom said California has signed up for the federal program after outreach from former Arizona governor Doug Ducey, noted a CalKIDS milestone of 1 million claimed accounts, and cited reports that roughly 600,000 California families have opened Trump Accounts since the July launch.
- He credited First Lady Melania Trump's 'Fostering the Future' work for addressing custodial eligibility gaps that could exclude foster children and announced a request to the state legislature for appropriations to ensure foster-youth access to the accounts.
- Newsom acknowledged the president's name may deter some families and said California will build outreach tools this fall to help households 'stack' Trump Accounts with CalKIDS, ScholarShare 529 and other state benefits to boost children's long-term asset ownership.