From the Oval Office on Tuesday, President Donald Trump touted the sweeping $6.25 billion contribution from philanthropic billionaires Michael and Susan Dell that builds on his “Trump account” initiative.
The donations from the Dells will deposit $250 into savings accounts for 25 million children ages 10 and under. They apply to children living in ZIP codes where the median income is below $150,000.
“Trump accounts will be the first, I guess you could say, real trust funds for every American child, allowing family members, employers, corporations, generous donors to contribute money that will be invested and grow over the course of a child’s life, to be used for their benefit after they turn 18,” Trump said on Tuesday.
Flanked by the Dell couple and a few key members of Congress, including House Speaker Mike Johnson, Trump highlighted the fact that the “Trump account” came out of his major policy framework — the One Big Beautiful Bill Act — that passed this summer.
“Michael and Susan, I want to thank you for this extraordinary act of kindness and patriotism and charity. This is truly one of the most generous acts in the history of our country,” Trump said on Tuesday. “As I mentioned, this gift is being made possible by the largest tax cuts in American history, which our Republican majorities passed earlier this year.”
Trump said that in addition to the Dells’ contribution, he expects “hundreds of major companies to announce plans to contribute to these accounts in the coming months.”
Trump also said that contributions from employers to these Trump accounts will be tax free.
-ABC News’ Elizabeth Schulze and Isabella Murray
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