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The Dictatorship

Michael and Susan Dell donate $6.25 billion to encourage families to claim ‘Trump Accounts’

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Michael and Susan Dell donate $6.25 billion to encourage families to claim ‘Trump Accounts’

NEW YORK (AP) — Billionaires Michael and Susan Dell pledged $6.25 billion Tuesday to provide 25 million American children 10 and under an incentive to claim the new investment accounts for children created as part of President Donald Trump’s tax and spending legislation.

The historic gift has little precedent, with few single charitable commitments in the past 25 years exceeding $1 billion. Announced on GivingTuesdaythe Dells believe it’s the largest single private commitment made to U.S. children.

Its structure is also unusual. Essentially, it builds on the “ Trump Accounts ” program, where the U.S. Department of the Treasury will deposit $1,000 into investment accounts it sets up for American children born between Jan. 1, 2025 and Dec. 31, 2028. The Dells’ gift will use the “Trump Accounts” infrastructure to give $250 to each qualified child under 11.

“We believe that if every child can see a future worth saving for, this program will build something far greater than an account. It will build hope and opportunity and prosperity for generations to come,” said Michael Dellthe founder and CEO of Dell Technologies whose estimated net worth is $148 billion, according to Forbes.

Billionaires Michael and Susan Dell pledged $6.25 billion on Tuesday to provide an incentive to families to adopt new investment accounts for children. The accounts were created as part of President Donald Trump’s tax and spending legislation but have not yet launched.

Though the “Trump Accounts” became law as part of the president’s signature legislation in July, the Dells say the accounts will not launch until July 4, 2026. Michael Dell said they wanted to mark the 250th anniversary of U.S. independence.

“We want these kids to know that not only do their families care, but their communities care, their government, their country cares about them,” Susan Dell told The Associated Press.

Under the new law, “Trump Accounts” are available to any American child under 18 with a Social Security number. Account contributions must be invested in an index fund that tracks the overall stock market. When the children turn 18, they can withdraw the funds to put toward their education, to buy a home or to start a business.

The Dells will put money into the accounts of children 10 and younger who live in ZIP codes with a median family income of $150,000 or less and who won’t get the $1,000 seed money from the Treasury. Because federal law allows outside donors to target gifts by geography, the Dells said using ZIP codes was “was the clearest way to ensure the contribution reaches the greatest number of children who would benefit most.”

The Dells hope their gift will encourage families to claim the accounts and deposit more money into it, even small amounts, so it will grow over time along with the stock market.

There is a political benefit for Trump and fellow Republicans. The accounts will become available in the midst of a midterm election, providing money to millions of voters — and a campaign talking point to GOP candidates — at a critical time politically. The $1,000 deposits are slated to end just after the 2028 presidential election.

At the White House on Tuesday, Trump praised the Dells saying their gift was, “truly one of the most generous acts in the history of our country.”

Trump said many companies and many of his friends would also be donating, adding “I’ll be doing it, too.”

Brad Gerstner, a venture capitalist, who championed this legislation, said the accounts will give all children renewed hope in the American dream.

“It’s hard to give effective dollars away at scale, particularly to the country’s neediest kids in a way that you have confidence that those dollars are going to compound with the upside of the U.S. economy,” said Gerstner, who is also the founder of Invest America Charitable Foundation, which is supporting the Treasury in launching the accounts.

“Fundamentally, we need to include everybody in the upside of the American experiment. Otherwise, it won’t last. And so, at its core, we think it can re-energize people’s belief in free market, capitalist democracy,”″ Gerstner said of the accounts.

About 58% of U.S. households held stocks or bonds in 2022, according to the U.S. Securities and Exchange Commission, though the wealthiest 1% owned almost half the value of stocks in that same year and the bottom 50% owned about 1% of stocks.

In 2024, about 13% of children and young people in the U.S. lived in poverty, according to the Annie E. Casey Foundation, and experts link the high child poverty rates to the lack of social supports for new parents, like paid parental leave.

While the funds in the Trump Accounts may help young adults whose families or employers can contribute to them over time, they won’t immediately help to diminish childhood poverty. Cuts to Medicaid, food stamps and child care that were also included in the spending package are likely to reduce the support children from low-income families receive.

Ray Boshara, senior policy adviser with both the Aspen Institute and Washington University in St. Louis, said he is excited about the idea that the Trump Accounts will be able to receive contributions from the business, philanthropic and governmental sectors.

“We would like to see this idea continue and get better over time, just like any big policy,’ said Boshara, who co-edited the book “The Future of Building Wealth.” “The ACA, Social Security – they start off fairly flawed, but get much better and more progressive and inclusive over time. And that’s how we think about Trump Accounts. It’s a down payment on a big idea that deserves to be improved and there’s bipartisan interest in improving them.”

Through the Michael & Susan Dell Foundation, the Dell’s have reported giving $2.9 billion since 1999, with a large focus on education.

Michael Dell said they had not initially envisioned committing so much to boost the child investment accounts, but Susan Dell said that changed over time.

“We’re thrilled to be spearheading this in the philanthropy sector and are so excited because we know that more people are going to jump on board because really, we can’t think of a better idea and better way to help America’s children,” she said.

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AP writer Darlene Superville in Washington contributed to this report.

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Associated Press coverage of philanthropy and nonprofits receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content. For all of AP’s philanthropy coverage, visit https://apnews.com/hub/philanthropy.

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The Dictatorship

Funding for Trump’s White House ballroom jeopardized by Senate ruling

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Funding for Trump’s White House ballroom jeopardized by Senate ruling

President Donald Trump faces a serious new hurdle to secure taxpayer funding for his exceedingly controversial proposed White House ballroom after the Senate parliamentarian ruled against a $1 billion provision in a bill to fund his pet project.

The parliamentarian, Elizabeth MacDonough, said over the weekend that Republicans cannot include the ballroom funding provision in a larger partisan bill because it is a technical violation of Senate rules, according to the ranking Democrat on the Senate Budget Committee who released the parliamentarian’s findings.

“A project as complex and large in scale as Trump’s proposed ballroom necessarily involves the coordination of many government agencies which span the jurisdiction of many Senate committees,” MacDonough concluded, according to Sen. Jeff Merkley.

The administration has estimated that $220 million of the $1 billion would go toward building the new ballroom in the East Wing, which was demolished last October to make way for the new structure Trump has envisioned.

The parliamentarian in her ruling said the provision violated the Byrd rule, which is meant to curb extraneous spending in proposed budget reconciliation bills. A violation of the Byrd rule also means the provision would be subject to a 60-vote filibuster threshold, effectively killing it since Democrats are in opposition.

“The president started talking about this thing with $100 billion, then $200 billion, and he was going to pay for it,” Sen. Mark Kelly, D-Ariz., said. “And now it’s a billion — or $100 million, $200 million — and now a billion dollars, and he wants the American people to pay for a gilded ballroom when they cannot afford to drive their kids to a soccer game.”

Some Republicans disagreed with the parliamentarian’s interpretation of Senate rules. Ryan Wrasse, a spokesman for Senate Majority Leader John Thune, pushed back against the ruling.

“Redraft. Refine. Resubmit. None of this is abnormal during a Byrd process,” Wrasse wrote on X on Saturday.

It was not immediately clear whether Republicans would be allowed under Senate rules to resubmit the provision — the budget resolution only allows language to originate from the Senate Judiciary Committee.

“As drafted, the provision inappropriately funds activities outside the jurisdiction of the Judiciary Committee,” the ruling reads.

Trump previously said that the ballroom would be privately funded and cost around $400 million. The ballooning cost has provoked open criticism from Republicans, from vulnerable moderates to hardline conservatives, in what could become a potential revolt.

Mychael Schnell and Syedah Asghar

Peggy Helman is a desk associate at MS NOW.

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The Dictatorship

Mike Johnson rejects ‘new term Christian nationalism’ as ‘derogatory’

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Mike Johnson rejects ‘new term Christian nationalism’ as ‘derogatory’

Ahead of an all-day prayer event backed by the White House on Washington’s National Mall Sunday, Republican House Speaker Mike Johnson doubled down on Christianity as a core part of the American identity — over the objections of religious freedom advocates.

“The naysayers who have created this new term ‘Christian Nationalism’ as a pejorative, a derogatory term, are trying to silence the influence and voices of Christians,” Johnson said in an interview with Fox News before the event commemorating the nation’s 250th anniversary. “And I think that’s wildly inappropriate.”

In addition to the speaker, the evangelical-style festival — dubbed the “National Jubilee of Prayer” — featured Defense Secretary Pete Hegseth and Secretary of State Marco Rubio and several conservative Christian leaders and right-leaning pop-culture figures. They included Franklin Graham, son of the late evangelist Billy Graham, Jonathan Falwell, son of the late Liberty University founder Jerry Falwell, and Sadie Carroway Robertson of “Duck Dynasty” fame.

The White House, in a statement posted to social media Sunday, said “thousands of Americans are gathering on the National Mall TODAY for a powerful day of prayer, praise, and patriotism as we chart the course for America’s next 250 years and rededicate ourselves to ONE NATION UNDER GOD.”

Kathy Fain, from Longview, Texas, holds an American flag while singing the National Anthem
AP Photo/Julia Demaree Nikhinson AP Photo/Julia Demaree Nikhinson

In between returning from his official trip to China and issuing fresh threats to IranPresident Donald Trump wrote on Truth Social. “I HOPE EVERYBODY AT REDEDICATE 250 IS HAVING A GOOD TIME. IF THERE IS ANYTHING I CAN DO TO HELP, JUST HAVE OUR BEAUTIFUL, BOTH INSIDE AND OUT, RACHAEL C.D., GIVE ME A CALL. I’M BACK FROM CHINA!!!,” an apparent reference to Rachel Campos-Duffy, Fox and Friends co-host and wife to Transportation Secretary Sean Duffy.

Hegseth, who has led Christian prayer servicesat the Pentagon during his tenure, recounted a story of President George Washington at Valley Forge in a video message.

“Amid all the bleak nights, the loss and despair, the lack of proper support, George Washington performed a profound act: he prayed,” Hegseth said. “And on this day of ‘Rededicate 250,’ let us follow George Washington’s example. Let us pray as he did. Let us pray without ceasing. Let us pray for our nation on bended knee. And let us ask our lord and savior Jesus Christ as Washington did on that momentous day.”

Speaking passionately at the podium, Southern Baptist Pastor Robert Jeffress told the crowd that “these leaders who loved our country and loved our God would be called Christian Nationalists today, and it is a title they would have gladly embraced. By the way if being a Christian Nationalist means loving Jesus christ and loving America, count me in!”

Americans United for Separation of Church and State, a religious freedom advocacy organization, denounced the event as a “Jubilee of Christian Nationalism.”

“As we approach the 250th anniversary of American independence on July 4 – and President Trump’s Christian Nationalist ‘jubilee’ on May 17 – I urge everyone to celebrate the fundamentally American invention of church-state separation, which promises everyone the freedom to live as themselves and believe as they choose, as long as they don’t harm others,” the organization’s CEO, Rachel Laser, said in a statement. “Church-state separation is what enables us to come together as equals and build a stronger democracy.”

Laser said in an interview with C-SPAN Sunday that the event “should alarm all Americans who are patriotic.” Hailing the separation of church and state as a pillar of American democracy, she slammed the event as a “government-sponsored national church service on the National Mall and it’s extremely problematic. It’s violating our promise.”

“And then I just want to bring us back to something that the founders were focused on that we forget about today, which is that they were avoiding violence, bloody wars, crusades,” Laser added Sunday. “They saw what happens when you don’t have church-state separation. And I don’t think it’s a coincidence that in America we’ve become more and more violent the more we undermine church-state separation in this country.”

The government watchdog group Public Citizen also condemned the event, saying in a statement, “This highly politicized mess is not what Congress envisioned a decade ago in passing legislation creating an official commission for the 250th anniversary.”

Erum Salam is a breaking news reporter for MS NOW, with a focus on how global events and foreign policy shape U.S. politics. She previously was a breaking news reporter for The Guardian.

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The Dictatorship

Trump says ‘clock is ticking’ for Iran to make a deal — or else

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Trump says ‘clock is ticking’ for Iran to make a deal — or else

President Donald Trump signaled Sunday that the U.S. is prepared to resume fighting Iran, threatening that the country had “better get moving, FAST, or there won’t be anything left of them.”

Trump spoke by phone Sunday with Israeli Prime Minister Benjamin Netanyahu, an Israeli official told MS NOW, as the U.S.-Iran ceasefire was strained further by new strikes in the U.A.E. that sparked a fire at a nuclear power plant.

“For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!,” Trump wrote in social media post.

Trump is expected to meet with his senior national security team on Tuesday in the White House Situation Room to “discuss options for military actions against Iran,” according to reporting by Axiosciting two American officials. MS NOW has not independently confirmed the reporting.

Iran did not take responsibility for the fresh strike in the U.A.E., but a senior Emirati official told MS NOW that the attack was an “unacceptable escalation” and a violation of the ceasefire. The official added that “this is an attack against a nuclear power plant during a ceasefire.”

In a statement, the U.A.E Ministry of Foreign Affairs called the strike an “unprovoked terrorist attack.”

“These attacks constitute a dangerous escalation, an unacceptable act of aggression and a direct threat to the country’s security,” the statement said. “The targeting of peaceful nuclear energy facilities is a flagrant violation of international law, the UN charter and the principles of humanitarian law.”

No increase in radiation has been detected at the plant and no injuries were reported, according to Emirati officials. Two of the three drones that attacked the plant were shot down.

One drone hit an electrical generator outside the inner perimeter of the ⁠Barakah Nuclear Power Plant, the Abu Dhabi Media Office said, CNBC reported. The International Atomic Energy Agency said it was following the situation closely and called for “maximum military restraint” near any nuclear power plant.

The U.A.E., a primary target of Iran since the war began, has been attacking in retaliation, according to recent reporting by The Wall Street Journal and The New York Times. Emirati officials have not confirmed that they have carried out military strikes.

The U.S. and Israel’s war with Iran has stretched into its 11th week, as domestic gas prices continue to soar amid the double naval blockade in the Strait of Hormuz, a critical oil trade route. Tehran, already crippled by sanctions before the war, faces a worsening economic crisis. Peace talks, mediated by Pakistan, have so far failed with the U.S. remaining firm on its demand that Iran abandon its nuclear program and Iran underscoring its right to enrichment.

Contrary to statements made by Trump administration officials that Iran’s missile stockpile has been destroyed, classified U.S. intelligence assessments of Iran’s military capacity have revealed that it has regained access to key missile sites and launchers.

Julia Jester contributed to this report.

Erum Salam is a breaking news reporter for MS NOW, with a focus on how global events and foreign policy shape U.S. politics. She previously was a breaking news reporter for The Guardian.

David Rohde is the senior national security reporter for MS NOW and a two-time winner of the Pulitzer Prize for International Reporting. Previously he was the senior executive editor for national security and law for NBC News.

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