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[How do 'Trump Accounts' work?]

#1

Off the Record / Re: What does a TRUMP presiden...

Last post by Tonitrus - Today at 04:04:28 AM

What's a Trump Account?

Not as awful as it sounds; apparently a Trump account "provides eligible American children with tax-advantaged investment accounts"

https://eu.usatoday.com/story/money/2026/01/28/trump-accounts-1000-tax-season/88396016007/

Doesn't seem that good...

How do 'Trump Accounts' work?
Here's how the accounts work, according to analyses from Morningstar, the Tax Foundation and other sources:

The government pledges to create an account for any baby born between 2025 and 2028, and to fund it with a one-time deposit of $1,000. To qualify, the baby need only have a Social Security number. 

Parents and others may contribute up to $5,000 a year into the accounts until the child turns 18. An employer may contribute up to $2,500 toward the $5,000 cap. State and local governments and private charities will be allowed to make broad contributions.

Ok, so far so good..."free" (well, taxpayer funded, so we're all paying for it, even Yi) $1000 bucks.  But only for 3 years..."so have your kids now!"

No one may contribute to the accounts until July 2026. Other details are still being ironed out.

To claim an account, parents probably will have to check a box on a tax form testifying that they are new parents, said Williams of the Retirement Clearinghouse. 

The new law requires that Trump Account funds be invested in low-cost stock index funds, which mirror the performance of an index such as the S&P 500.

Ok...so no "risky" gambling on questionable stocks...

After age 18, Trump Accounts act like IRAs
Parent contributions are after-tax, but that money is not taxable when it is withdrawn. Any earnings on the contributions, however, are taxed when you withdraw them. 

Here it is...no tax benefits for contributions, and earnings are taxed when withdrawn as an adult...so no real advantage there either.  Sure, earnings are not taxed "right now" while in the account, but wait for it...

You can't generally withdraw money from a Trump Account until the year a child turns 18. After that, it functions like a traditional Individual Retirement Account. 

That means, 20 or 30 years from now, a young adult with a Trump Account will be able to withdraw money to cover education expenses or a first-time home purchase without penalties.

That's not very clear...no penalties, but it seems you will pay what is essentially deferred taxes on any/all earnings...potentially at a higher rate than when they were actually earned....

You can also hold onto the money until retirement. At age 59 ½, the early-withdrawal penalties go away.

Still not very clear on what is meant by "penalties"...so if you just hold it all until 59 1/2, sounds like you will be paying taxes on all those accrued earnings in retirement...lets hope your taxes haven't gone up in the interim...

So...it is an account that theoretically teaches/encourages your kids about saving/investing (a good thing), but has none of the benefits of a regular IRA (which can get an income tax benefit at time of contribution) nor of a Roth IRA (which doesn't tax earnings at time of withdrawl in retirement). 

#2

Off the Record / Re: What does a TRUMP presiden...

Last post by Crazy_Ivan80 - Today at 02:44:04 AM

That should make collaborators easier to identify when the hair neess to come off.

[Nicki Minaj Shows Off Trump Gold Card After Publicly Defending President, Says She Is 'Finalizing Citizenship Paperwork as We Speak']

#3

Off the Record / Re: What does a TRUMP presiden...

Last post by Syt - Today at 02:07:18 AM

There's also the Trump Gold Card:

https://people.com/nicki-minaj-shows-off-trump-gold-card-after-publicly-defending-president-says-she-is-finalizing-citizenship-paperwork-as-we-speak-11894773

Nicki Minaj Shows Off Trump Gold Card After Publicly Defending President, Says She Is 'Finalizing Citizenship Paperwork as We Speak'

Nicki Minaj has a Trump Gold Card hours after defending President Donald Trump at the Trump Accounts Summit — and wants people to know what it's for.

Hours after the Trinidad-born rapper praised the president at the Wednesday, Jan. 28, event, she showed off a Trump Gold Card on X alongside a caption that read "Welp."

The photo appeared to have been taken on the same day, as it showed a piece of the musician's white coat and her multicolored nails, both of which she was seen wearing earlier Wednesday.

After the post went viral with over 5.2 million views, Minaj clarified more about her Gold Card status.

"Residency? Residency? The cope is coping. 😅 Finalizing that citizenship paperwork as we speak as per MY wonderful, gracious, charming President. Thanks to the petition. 📋 I wouldn't have done it without you. Oh CitizenNIKA you are thee moment. Gold Trump card free of charge," she wrote in a second post.

The White House also retweeted Minaj's original post with the photo of her Trump Gold Card, writing, " oh she's super BASED ✨ http://trumpcard.gov."

The Trump Gold Card is described as a "visa based upon an individual's ability to provide a substantial benefit to the United States," on its official website. To apply, an applicant must pay a nonrefundable $15,000 Department of Human Services (DHS) processing fee.

After "careful consideration," an "in-depth background check" and vetting process by the United States Citizenship and Immigration Services, an applicant is notified if they have been approved.

They must also pay a $1 million "gift" that will serve as "evidence that the individual will substantially benefit the United States."

If approved, the applicant will receive lawful permanent resident status as an EB-1 or EB-2 visa holder, according to the website.

PEOPLE has reached out to a representative for Minaj and the White House for comment.

Earlier Wednesday, Minaj made her presence known at the Trump Accounts Summit. Trump Accounts creates "tax-advantaged investment accounts of U.S. citizens under the age of 18," per its website,

The plan is for them to be available to every U.S. citizen born between Jan. 1, 2025, and Dec. 31, 2028, and "launch with a one-time $1,000 government seed contribution," per the White House.

The "Super Bass" hitmaker plans to contribute between $150,000 and $300,000 to the Trump accounts, according to CNBC.

At the event, she said that she's "probably the president's No. 1 fan, and that's not going to change."

"The hate — or what people have to say — it does not affect me at all. It actually motivates me to support him more," she said. "And it's going to motivate all of us to support him more."

"We're not going to let them get away with bullying him. He has a lot of force behind him, and God is protecting him. Amen?" Minaj continued.

Minaj promoted her appearance at the summit on X, writing that this is "the true meaning of paying it forward" and that it makes her "very happy."

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer��, from celebrity news to compelling human interest stories.

Following the event, Minaj and Trump also filmed a TikTok together in which Minaj called Trump her "favorite president" and the "best president of all time."

#4

Off the Record / Re: What does a TRUMP presiden...

Last post by bogh - Today at 02:02:06 AM

The name is pretty bad though.

#5

Off the Record / Re: What does a TRUMP presiden...

Last post by Richard Hakluyt - Today at 01:54:41 AM

What's a Trump Account?

Not as awful as it sounds; apparently a Trump account "provides eligible American children with tax-advantaged investment accounts"

https://eu.usatoday.com/story/money/2026/01/28/trump-accounts-1000-tax-season/88396016007/

#6

Off the Record / Re: ICE misconduct megathread ...

Last post by viper37 - Today at 01:21:28 AM

Can't be arsed to translate, and there's likely to be an English news link somewhere.

But in the meantime, to the general surprise of no one, ICE is tailoring its recruiting message in a not so subtle way to appeal to white supremacists.



Here's the original link


Some of the posters:
 

#7

Off the Record / Re: Go Persians, go!

Last post by Tonitrus - Today at 01:10:08 AM

Will he be...Ottoman Empire?

#8

Off the Record / Re: Go Persians, go!

Last post by Solmyr - Today at 12:41:23 AM

I'm wondering which weekly crisis will be the next one to come completely out of left field. Will it be missile strikes on Uzbekistan? Pushing US claims to 54°40' N? Declaring the Dalai Lama illegitimate and Trump is the actual head of the Gelug school of Tibetan Buddhism? Crowning himself Holy Roman Emperor and demanding the dissolution of the Federal Republic of Germany?

Depends on what Stephen Miller does while playing HoI4 that week.

#9

Off the Record / Re: [Canada] Canadian Politics...

Last post by Jacob - Today at 12:16:29 AM

Maybe your mom-and-pop did a meme-coin pump-and-dump or some insider trading for ten twenty million. We don't want to push them out.

[Search warrant FBI served at elections office near Atlanta seeks records tied to the 2020 elections]

#10

Off the Record / Re: What does a TRUMP presiden...

Last post by Syt - Today at 12:15:21 AM

https://apnews.com/article/fbi-georgia-elections-office-fulton-county-28e736037521b17197760d2394f0ab43

Search warrant FBI served at elections office near Atlanta seeks records tied to the 2020 elections

ATLANTA (AP) — The FBI on Wednesday searched the election office of a Georgia county that has been central to right-wing conspiracy theories over President Donald Trump's 2020 election loss, acting just one week after the Republican leader predicted prosecutions over a contest he has baselessly insisted was tainted by widespread fraud.

The search at Fulton County's main election facility in Union City sought records related to the 2020 election. It appeared to be the most public step by law enforcement to pursue Trump's claims of a stolen election, grievances rejected time and again by courts and state and federal officials, who found no evidence of fraud that would have altered the outcome.

It also unfolds against the backdrop of FBI and Justice Department efforts to investigate perceived political enemies of Trump, including former FBI Director James Comey and New York Attorney General Letitia James.

Trump has for years focused on Fulton, Georgia's most populous county and a Democratic stronghold, as a key example of what he claims went wrong in the 2020 election. His pressure campaign there culminated in a sweeping state indictment accusing him and 18 others of illegally trying to overturn the vote.

The search
FBI agents secured an area around the large warehouse building that houses the county elections hub with yellow tape and could be seen loading boxes from the building into trucks. FBI spokesperson Jenna Sellitto confirmed that the boxes contained ballots. Among the 2020 election documents sought are ballots, tabulator tapes from the scanners used to tally the ballots, electronic ballot images and voter rolls.

An FBI spokesperson said agents were "executing a court authorized law enforcement action" at the county's main election office in Union City, just south of Atlanta. The spokesperson declined to provide any further information, citing an ongoing matter.

State and county Democratic officials expressed concern about the search and ballot seizures.

"We don't know why they took them, and we don't know where they're taking them to," county Board of Commissioners Chairman Robb Pitts said.

The Justice Department had no immediate comment. FBI Co-Deputy Director Andrew Bailey and U.S. Director of National Intelligence Tulsi Gabbard were seen onsite.

Trump's focus on Fulton County
Trump has long insisted that the 2020 election was stolen even though judges across the country and his own attorney general said they found no evidence of widespread fault that tipped the contest in Democrat Joe Biden's favor.

The president has made Georgia, one of the battleground states he lost in 2020, a central target for his complaints about the election and memorably pushed its secretary of state to help "find" enough votes to overturn the contest.

Last week, in reference to the 2020 election, he asserted that "people will soon be prosecuted for what they did." It was not clear what in particular he was referring to.

Fulton County District Attorney Fani Willis in August 2023 obtained an indictment against Trump and 18 others, accusing them of participating in a wide-ranging scheme to illegally try to overturn the results of the 2020 presidential election. That case was dismissed in November after courts barred Willis and her office from pursuing it because of an "appearance of impropriety" stemming from a romantic relationship she had with a prosecutor she had hired to lead the case.

The FBI last week moved to replace its top agent in Atlanta, Paul W. Brown, according to people familiar with the matter who spoke on condition of anonymity to discuss a non-public personnel decision. It was not immediately clear why the move, which was not publicized by the FBI, was made.

DOJ lawsuit
The warrant is a criminal document, but the Justice Department last month sued the clerk of the Fulton County superior and magistrate courts in federal court seeking access to documents from the 2020 election in the county. The lawsuit said the department sent a letter to the clerk, Che Alexander, but that she had failed to produce the requested documents.

Alexander has filed a motion to dismiss the suit. The Justice Department complaint says that the purpose of its request was "ascertaining Georgia's compliance with various federal election laws." It also says the attorney general is trying to help the State Election Board with its "transparency efforts under Georgia law."

A three-person conservative majority on the State Election Board has repeatedly sought to reopen a case alleging wrongdoing by Fulton County during the 2020 election. It passed a resolution in July seeking assistance from the U.S. attorney general to access voting materials.

The state board sent subpoenas to the county board for various election documents last year and again on Oct. 6. The October subpoena requested "all used and void ballots, stubs of all ballots, signature envelopes, and corresponding envelope digital files from the 2020 General Election in Fulton County." A fight over the state board's efforts to enforce the 2024 subpoena is currently tied up in court.

The Justice Department sent a letter to the county election board Oct. 30 citing the federal Civil Rights Act and asking for all records responsive to the October subpoena from the State Election Board. Lawyers for the county election board responded about two weeks later, saying that the records are held by the county court clerk. They also attached a letter the clerk sent to the State Election Board saying that the records are under seal in accordance with state law and can't be released without a court order.

The Justice Department said it then sent a letter to Alexander, the clerk, on Nov. 21 requesting the documents and that she failed to respond.

The department is asking a judge to declare that the clerk's "refusal to provide the election records upon a demand by the Attorney General" violates the Civil Rights Act. It is also asking the judge to order Alexander to produce the requested records within five days of a court order.