Wealthy Americans rush to back Trump accounts as Kevin Hassett says phones ‘ring off hook’
WASHINGTON, DC: What began as a policy idea within the One Big Beautiful Bill Act has quickly grown into one of the most unexpected philanthropic movements in recent memory.
Wealthy Americans, including billionaires, are now “ringing our phones off the hook,” according to National Economic Council Director Kevin Hassett, all eager to help fund the new “Trump accounts” created for young Americans.
Kevin Hassett says billionaire interest exploded after Michael Dell’s $6.25B pledge
Hassett told FOX Business’ Mornings with Maria that the surge in donor enthusiasm began the moment Michael Dell announced his $6.25 billion contribution to help seed the accounts beyond what the federal government provides.
“Michael Dell came out with $6.25 billion, and he said, ‘For everybody 10 and under, I’m going to give them all $250,’” Hassett explained. “Since Michael Dell did that, we’ve had wealthy people from across the country ringing our phones off the hook, saying, ‘Hey, we want to do that too.’”
“It’s a new platform for making society more just, but doing so voluntarily, with the well-earned profits of America’s philanthropists,” he added.
What exactly are Donald Trump accounts and how do they work?
Trump accounts are long-term investment savings accounts created under the One Big Beautiful Bill Act to give every child in the country a direct stake in America’s economic growth.
Every baby born between January 1, 2025, and December 31, 2028, receives a one-time $1,000 government deposit at birth. The money is invested in broad-based index funds that remain untouched until the child turns 18. Families, relatives, and now even wealthy donors can add up to $5,000 a year, giving young Americans a tangible piece of the financial market.
Kevin Hassett says Donald Trump accounts give kids ‘a piece of the action’
Hassett framed the accounts as a cultural as well as an economic initiative. “What he did with the Trump account is he made it so every kid… gets a share of the pie. They get to feel like they’re part of the capitalist system,” he said.
He added that part of the excitement comes from how tangible the idea feels to kids and families. “They’ll be saying, ‘Oh, I own $50 worth of Apple.’ They could look at the companies in the index funds themselves,” Hassett explained.
The Treasury Department estimates that if families maximize contributions each year and let the money grow, a Trump account could reach as much as $1.9 million by age 28. Even smaller gains could leave accounts totaling around $600,000—a financial head start unimaginable to most Americans today. Without any added contributions, Treasury forecasts the initial $1,000 deposit could grow to between $3,000 and $13,800 over 18 years.
New savings model carries big political implications
The program’s reach is broad: every child born during the four-year window receives an account, and the law also retroactively created accounts for Americans who are 18 or under. Tens of millions of young people now have a long-term, market-linked savings vehicle built into their financial futures.
Hassett, currently under consideration to replace Jerome Powell as Federal Reserve chair, sees Trump accounts as a defining legacy moment.
