Proposed Senate Bill Includes $1,000 Baby Bonus in ‘Trump Accounts’

Senate Republicans on June 16 released the upper chamber’s version of President Donald Trump’s tax bill, which includes a $1,000 bonus in “Trump accounts.” According to the text of a proposal of the One Big Beautiful Bill released by the Senate Finance Committee on June 16, U.S. citizen children born after Dec. 31, 2024, and before Jan. 1, 2029, would receive $1,000 if both parents have work-eligible Social Security numbers. The accounts would go into effect starting in 2026. If a parent or guardian doesn’t open the tax-deferred investment account, the Department of the Treasury will set up an account on the child’s behalf, the bill states. Parents would have the option to opt out of it....