Which, by the way, is achievable with a 529 account, which has been around for a long time. Any funds not used for education can be rolled into an IRA in adulthood.
He is doing nothing new, but is putting his name on it. I guarantee it will encourage investments in private equity/credit and crypto.
He does nothing for altruistic reasons. If it appears to benefit others, it is either a side effect, or a useful illusion.
I think the only thing new about it is that the government is contributing 1k for kids born this year. It makes it easier for people to setup too. But yeah he didn’t think up some grand new idea haha as if that would even be possible
The new thing is being able to have unlimited growth starting at birth, not capped at $35k like 529 rollover.
But yeah he didn’t think up some grand new idea haha as if that would even be possible
I doubt trump came up with anything at all. This was likely someone else’s idea the knew they had a good chance of getting it into law by polluting it with trump’s stupid name on it.
Which, by the way, is achievable with a 529 account, which has been around for a long time. Any funds not used for education can be rolled into an IRA in adulthood.
Thats incorrect.
First, rolling unused 529 funds into an IRA was only achievable with the passage of the SAVE act in 2024 (just 2 years ago) this function hasn’t been around for a long time. Second, the lifetime maximum dollars you can roll in is capped at $35k. I don’t think many would consider that enough for retirement. source
He does nothing for altruistic reasons.
I completely agree with this statement.
if it appears to benefit others, it is either a side effect, or a useful illusion.
Side effect in this case. He gets to put his stupid vanity name on something, and his buddies in the investment industry get a new channel for investment funds.
Which, by the way, is achievable with a 529 account, which has been around for a long time. Any funds not used for education can be rolled into an IRA in adulthood.
He is doing nothing new, but is putting his name on it. I guarantee it will encourage investments in private equity/credit and crypto.
He does nothing for altruistic reasons. If it appears to benefit others, it is either a side effect, or a useful illusion.
I think the only thing new about it is that the government is contributing 1k for kids born this year. It makes it easier for people to setup too. But yeah he didn’t think up some grand new idea haha as if that would even be possible
The new thing is being able to have unlimited growth starting at birth, not capped at $35k like 529 rollover.
I doubt trump came up with anything at all. This was likely someone else’s idea the knew they had a good chance of getting it into law by polluting it with trump’s stupid name on it.
Thats incorrect.
First, rolling unused 529 funds into an IRA was only achievable with the passage of the SAVE act in 2024 (just 2 years ago) this function hasn’t been around for a long time. Second, the lifetime maximum dollars you can roll in is capped at $35k. I don’t think many would consider that enough for retirement. source
I completely agree with this statement.
Side effect in this case. He gets to put his stupid vanity name on something, and his buddies in the investment industry get a new channel for investment funds.