The Dictatorship
Trump Accounts will qualify babies for $1,000 in investment accounts
As a continuation of President Donald Trump ‘s pitch to Americans on affordability and the economy under his administration, the U.S. Treasury and White House are celebrating the upcoming launch of a program they view as a key milestone: Trump Accounts.
A provision of Trump’s tax legislation, Trump Accounts are meant to give $1,000 to every newborn, so long as their parents open an account. That money is then invested in the stock market by private firms, and the child can access the money when they turn 18.
A U.S. Treasury event Wednesday brought together an assortment of politicians and celebrities — from Texas Republican Sen. Ted Cruz to rapper Nicki Minaj and NBC’s “Shark Tank” judge Kevin O’Leary — to discuss the program and its potential impact on the economy. Backers of Trump Accounts have said they’re a way to help children from low-income households build wealth.
The investments will put money “in the hands of young Americans who otherwise have really started out with nothing,” Trump said. He also called on employers across the country to make matching Trump Accounts contributions for employee benefits, as some companies have already pledged to do so.
“Every president in modern history has left our children with nothing but debt,” Trump said. “But under this administration, we’re going to leave every child with real assets and a shot at financial freedom.”
Here’s what you need to know about Trump Accounts and how to claim them.
What is a Trump Account?
It’s a new savings tool where money is invested in the stock market on behalf of a child. The child can’t access the money until they turn 18 and can only use it for specific purposes, such as paying tuition, starting a business or making a down payment on a home.
After a parent opens an account, the U.S. Treasury will contribute $1,000 for newborns. Private banks and brokerages will manage the money, which must be invested in U.S. equity index funds that track the stock market and charge the accounts no more than 0.10% in annual fees.
Parents can contribute up to $2,500 annually in pretax income, much like they do for retirement accounts. Parents’ employers, relatives, friends, local governments and philanthropic groups can also pitch in. Yearly contributions are capped at $5,000, but contributions from governments and charities don’t count toward that total.
“We’re doing something much better than giving the next generation a handout,” Trump said. “We’re giving them ownership of America’s future.”
Who gets $1,000?
As part of the initiative’s launch, parents of older children are also encouraged to open accounts, but they won’t get the $1,000 bonus. That money is reserved for babies born during the calendar years of the Trump administration.
To qualify for the $1,000 seed money, a baby must be a U.S. citizen, have a Social Security number and be born between Jan. 1, 2025, and Dec. 31, 2028. Any parent can open an account for a qualifying child, regardless of the parent’s immigration status.
It’s important to note that the child won’t be able to access the money until they turn 18, except in rare circumstances, so it can’t help with immediate expenses. And disbursements from the accounts will be subject to taxes.
Can older kids get any bonuses for their Trump Account?
Some can, thanks to contributions from some of the country’s wealthiest entrepreneurs.
In December, billionaires Michael and Susan Dell announced a $6.25 billion donation that will allow some children who are 10 and under to receive $250 in seed money if their parents open an account. That money is reserved for kids 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.
A few weeks later, hedge fund founder Ray Dalio and his wife Barbara pledged $75 million for kids under 10 in Connecticut, where Dalio lives. That would amount to $250 for 300,000 children in qualifying ZIP codes.
At Wednesday’s event, Trump announced another pledge from investor Brad Gerstner to donate $250 into Trump Accounts for every child under 5 in Indiana.
Several major companies also plan to add Trump Accounts contributions to their benefits packages, including Uber, Intel, IBM, Nvidia and Steak ‘n Shake. The administration has encouraged such donations through what U.S. Treasury Secretary Scott Bessent calls the “50 State Challenge.”
How do I open a Trump Account for my kids?
The accounts won’t be open for contributions until July 2026, but parents of eligible kids can sign up using Form 4547 from the Internal Revenue Service. Parents can fill out the form when filing taxes this year or when the administration opens an online portal this summer, according to the Trump Accounts website.
Registering for a Trump Account is required for a child to receive the money. In May, parents who sign up will get information about how to finish opening the accounts.
What’s the idea behind the accounts?
Backers of the accounts say they want to introduce more people to the stock market and give even children born into poverty a chance to benefit from it. Supporters also say the accounts bolster capitalism at a time when openly socialist candidates are growing more popular.
“The answer to more socialism is more capitalism,” Gerstner said at Wednesday’s event. “This makes every child in America a capitalist from birth.”
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.
Before Trump created the accounts, California, Connecticut and the District of Columbia were piloting “baby bonds” programs that are similar to Trump Accounts in some ways. Several other states, including Maryland, are weighing programs.
But those programs are targeted for youth growing up in poverty or foster care, plus children who lost a parent to COVID-19. Wealthier children don’t benefit. They’re also managed by the state, not private investment firms.
What do critics say?
Critics point out the accounts do little to help children in their early years, when they’re most vulnerable and most likely to be in poverty. The accounts, they say, also fail to offset cuts the Trump administration and congressional Republicans have made to other programs that benefit young people and their families, including food assistance and Medicaid. Republicans created the accounts in the same Trump tax bill that reduced spending for some of those programs.
And even with the contribution from the government, critics say the Trump Accounts will widen the wealth gap. Affluent families that can afford to make the maximum pretax contribution to the accounts will realize the greatest benefits. Poor families who can’t afford to set aside money for the accounts will benefit the least. Assuming a 7% return, the $1,000 in seed money would grow to roughly $3,570 over 18 years.
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Rep. Eric Swalwell dropped out of the Democratic primary for California governor on Sunday night after detailed accusations of sexual assault and misconduct doomed his once successful campaign — and led his closest allies and aides to demand he bow out.
“I am suspending my campaign for Governor,” Swalwell said in a statement posted on social media.“To my family, staff, friends, and supporters, I am deeply sorry for mistakes in judgment I’ve made in my past. I will fight the serious, false allegations that have been made — but that’s my fight, not a campaign’s.”
The damning allegations brought by a former aide against the congressman sparked a criminal investigation in New York City and threatened the one-time presidential candidate’s political future.
By Sunday, several Democratic lawmakers — including fellow members of the California congressional delegation — had called on Swalwell to not just end his campaign for governor, but resign from Congress.
There must be accountability with both House Ethics and law enforcement about the sexual assault, and Eric Swalwell should resign.”
Rep. Ro Khanna, D-Calif.
“There must be accountability with both House Ethics and law enforcement about the sexual assault, and Eric Swalwell should resign,” Rep. Ro Khanna, D-Calif., said Sunday.
Several Democrats suggested they would support an expulsion effort if Republicans would take down one of their own: Rep. Tony Gonzalez of Texas, who is under a House ethics investigation for alleged sexual misconduct with an aide who died by suicide.
Rep. Anna Paulina Luna, a Florida Republican, announced her effort to push an expulsion resolution against Swalwell, saying, “I am not going to serve with these sexual deviants, that is not what Congress is about.”
Swalwell vehemently denied the accusationsfirst reported by the San Francisco Chronicle Friday, and disregarded calls from prominent California Democrats, including his two campaign co-chairs, Reps. Jimmy Gomez and Adam Gray, to drop out of the race.
“These allegations of sexual assault are flat false. They are absolutely false. They did not happen. They have never happened,” Swalwell said in a video address posted to social media after the reports were made public. “And I will fight them with everything that I have.”
House Minority Leader Hakeem Jeffries and former House Speaker Nancy Pelosi, whose district spans much of San Francisco, called for Swalwell to relinquish the race while key backers withdrew their endorsements and his campaign effectively suspended its operations.
It was unclear which of the candidates in the crowded Democratic primary to succeed California Gov. Gavin Newsom, a term-limited Democrat who is seen as a 2028 presidential contender, would gain the backing of the Democratic establishment.
MS NOW spoke with the woman at the center of the allegations, a former Swalwell staff member, who confirmed that she made the sexual assault allegations first reported by the Chronicle and later by CNN, which citedthree other women alleging various kinds of sexual misconduct by Swalwell.
The main accuser, who has not been publicly identified and worked for Swalwell for nearly two years, said she had sexual encounters while he was her boss. She said he sexually assaulted her on two occasions when she was too intoxicated to consent, the Chronicle reported. The former aide confirmed to MS NOW that she made the sexual assault allegations.
Her former colleagues supported her and condemned Swalwell.
“We stand with our former colleague, and the other women who have come forward. We believe you should stand with them, too,” the California lawmaker’s gubernatorial and congressional staff wrote in a joint letter issued over the weekend. “The behavior detailed in these reports is abhorrent, beneath the dignity of those serving in public office and betrays the trust of all Californians.”
Sydney Carruth is a breaking news reporter covering national politics and policy for MS NOW. You can send her tips from a non-work device on Signal at SydneyCarruth.46 or follow her work on X and Bluesky.
The Dictatorship
Hungarian Prime Minister Viktor Orbán concedes defeat after ‘painful’ election result
BUDAPEST, Hungary (AP) — Hungarian Prime Minister Viktor Orbánconceded defeat on Sunday after what he called a ″painful″ election resultending 16 years in power for a powerful figure in the far-right movement allied with U.S. President Donald Trump and Russian President Vladimir Putin.
Partial official results show opposition leader Peter Magyar’s party dominating the vote, in a bombshell election result with repercussions around Europe and beyond. ‘’Thank you, Hungary!” Magyar posted on X, as thousands of his supporters thronged the banks of the Danube in Budapest.
Across town, Orban told his followers that “I congratulated the victorious party.”
“We are going to serve the Hungarian nation and our homeland from opposition as well,” he said.
With 60% of the vote counted, Magyar’s Tisza party had more than 52% support to 38% for Orbán’s governing Fidesz party. That proportion will change as more votes are counted.
It’s a major blow for Orbán, the European Union’s longest-serving leader and one of its biggest antagonists, who has traveled a long road from his early days as a liberal, anti-Soviet firebrand to the Russia-friendly nationalist admired todayby the global far-right.
The parties of both Orbán and Magyar said they had received reports of electoral violations, suggesting some results could be disputed by both sides.
Voters showed up in droves
Turnout by 6:30 p.m. was over 77%, according to the National Election Office, a record number in any election in Hungary’s post-Communist history.
“I’m asking our supporters and all Hungarians: Let’s stay peaceful, cheerful, and if the results confirm our expectations, let’s throw a big, Hungarian carnival,” Magyar said.
Orbán’s chief of staff, Gergely Gulyás, said the record high turnout showed that “Hungarian democracy is extremely strong.”
‘Choice between East or West’
Orbán has repeatedly frustrated EU efforts to support Ukraine in its war against Russia’s full-scale invasion, while cultivating close ties to President Vladimir Putin and refusing to end Hungary’s dependence on Russian fossil fuel imports.
Recent revelations have shown a top member of his government frequently shared the contents of EU discussions with Moscow, raising accusations that Hungary was acting on Russia’s behalf within the bloc.
The election was closely watched in countries around Europeand beyond, which is a testament to the outsize role Orbán occupies in far-right populist politics worldwide.
Members of Trump’s “Make America Great Again” movement are among those who see Orbán’s government and his Fidesz political party as shining examplesof conservative, anti-globalist politics in action, while he is reviled by advocates of liberal democracyand the rule of law.
After casting his vote, Magyar told reporters that the election was “a choice between East or West, propaganda or honest public discourse, corruption or clean public life.”
Casting his ballot in Budapest, Marcell Mehringer, 21, said he was voting “primarily so that Hungary will finally be a so-called European country, and so that young people, and really everyone, will do their fundamental civic duty to unite this nation a bit and to break down these boundaries borne of hatred.”
Strained relationship with the EU
During his 16 years as prime minister, Orbán has launched harsh crackdowns on minority rightsand media freedomssubverted many of Hungary’s institutions and been accused of siphoning large sums of money into the coffers of his allied business elite, an allegation he denies.
He also has heavily strained Hungary’s relationship with the EU. Although Hungary is one of the smaller EU countries, with a population of 9.5 million, Orbán has repeatedly used his veto to block decisions that require unanimity.
Most recently, he blocked a 90-billion euro ($104 billion) EU loanto Ukraine, prompting his partners to accuse him of hijacking the critical aid.
Serious challenger on the rise
Magyar rapidly rose to become Orbán’s most serious challenger. The 45-year-old leader of the center-right Tisza party, which led in independent polls, campaigned on issues affecting ordinary voters including Hungary’s faltering public health care and transportation sectors and what he describes as rampant government corruption.
A former insider within Orbán’s Fidesz, Magyar broke with the party in 2024 and quickly formed Tisza. Since then, he has toured Hungary relentlessly, holding rallies in settlements big and smallin a campaign blitz that recently had him visiting up to six towns daily.
In an interview with The Associated Pressearlier this month, Magyar said the election will be a “referendum” on whether Hungary continues on its drift toward Russia under Orbán, or can retake its place among the democratic societies of Europe.
Tisza won 30% of the vote in European Parliament elections in 2024, and Magyar took a seat as an EU lawmaker. Tisza is a member of the European People’s Party, the mainstream, center-right political family with leaders governing 12 of the EU’s 27 nations.
Uphill election battle
Magyar and Tisza face a tough fight. Orbán’s control of Hungary’s public media, which he has transformed into a mouthpiece for his party, and vast swaths of the private media market give him an advantage in spreading his message.
The unilateral transformation of Hungary’s electoral system and gerrymandering of its 106 voting districts by Fidesz also will require Tisza to gain an estimated 5% more votes than Orbán’s party to achieve a simple majority.
Additionally, hundreds of thousands of ethnic Hungarians in neighboring countries had the right to vote in Hungarian elections and traditionally have voted overwhelmingly for Orbán’s party.
Fidesz and Tisza both have launched platforms for reporting irregularities, accusing their opponents of planning to commit election abuses.
Russian secret services have plotted to interfere and tip the election in Orbán’s favor, according to numerous media reports including by The Washington Post. The prime minister, however, has accused neighboring Ukraineas well as Hungary’s allies in the EU, of seeking to interfere in the vote to install a “pro-Ukraine” government.
Such accusations are part of why many in the EU see Orbán as a danger to the bloc’s future.
But across the Atlantic, Trump and his MAGA movement are all-in for another Orbán term. Trump has repeatedly endorsed the Hungarian leader and U.S. Vice President JD Vance made a two-day visit to Hungarylast week meant to help push Orbán over the finish line.
The walls are closing in around Rep. Eric Swalwell, D-Calif., who faces a criminal investigation into sexual assault allegations and mounting pressure — not just to abandon his campaign for California governor — but to resign from Congress.
Rep. Pramila Jayapal of Washington state, who has long advocated for survivors of Jeffrey Epstein, was one such Democrat on Sunday saying Swalwell should resign or be expelled.
When asked on NBC’s “Meet the Press” Sunday if she thinks Swalwell should abandon the race for governor, Jayapal said, “I absolutely do.”
She also said Swalwell should resign, along with Republican Rep. Tony Gonzalez of Texas, who is under a House ethics probe for a sexual relationship he admitted to having with an aide who later killed herself. “I do think that both of them need to step down from Congress,” Jayapal said.
“What we are seeing now is an emergence of women across the country who have been dismissed, told to shut up, told to move on —who have been abused by men in powerful positions. This is not a partisan issue,” Jayapal said.
Rep. Ro Khanna said Swalwell, a fellow California Democrat, should step down.
“There must be accountability with both House Ethics and law enforcement about the sexual assault, and Eric Swalwell should resign,” Khanna, a leader in Democratic efforts to investigate the Justice Department’s Epstein files, said in a statement on X Sunday after appearing on Fox News.
Rep. James Walkinshaw, D-Va., said he agreed. “His campaign for governor is over whether he realizes it or not,” he said during an appearance on MS NOW’s “Alex Witt Reports” Sunday.
Rep. Anna Paulina Luna, a Florida Republican, announced this weekend that she will push an expulsion resolution this week against Swalwell, saying, “I am not going to serve with these sexual deviants, that is not what Congress is about.”
Swalwell, who was the frontrunner in the California governor’s race to replace current term-limited Gov. Gavin Newsom, has vehemently denied any wrongdoing. Newsom, seen as a 2028 Democratic presidential contender, has not weighed in on whether Swalwell should resign or at least end his campaign for governor. His office did not immediately respond to MS NOW’s request for comment on Sunday.
But he said in a statement issued Friday, “These allegations from multiple sources are deeply troubling and must be taken seriously.”
Rep. Byron Donalds, a Republican from Florida, said he, too, would support expulsion resolutions for both Gonzalez and Swalwell. “If separate motions to expel the two congressmen come before the House, I will be voting yes on both measures,” Donalds said on “Meet the Press” Sunday.
The Manhattan District Attorney’s Office said on Saturday it launched an investigation into allegations of sexual assault against Swalwell, a one-time presidential candidate.
The main accuser, a former aide to Swalwell who spoke with MS NOW, first told the San Francisco Chronicle that the congressman sexually assaulted her on two separate occasions when she was too intoxicated to consent.
California House Democrats have turned on their colleague. Rep. Ted Lieu announced Friday he was withdrawing his endorsement of Swalwell for governor and Rep. Robert Garcia — another prominent advocate for Epstein survivors — called on Swalwell to quit the race.
Sen. Adam Schiff, D-Calif. withdrew his endorsement of Swalwell as campaign staffers abandoned him in droves. Rep. Jared Huffman, D-Ca., said Saturday that both Swalwell and Gonzalez should resign or face expulsion.
“Swalwell must halt his campaign, resign from office, and face the consequences of a full investigation,” California Rep. Sam Liccardo said Friday.
Senior staff working in Swalwell’s congressional office and on his gubernatorial campaign issued a joint letter over the weekend, saying they are “horrified” by the news reports detailing the sexual assault allegations against their boss and that any decision to remain on payroll “should not be viewed as support for Eric Swalwell.”
“We stand with our former colleague, and the other women who have come forward. We believe you should stand with them, too,” the letter said. “The behavior detailed in these reports is abhorrent, beneath the dignity of those serving in public office and betrays the trust of all Californians.”
Mychael Schnell and Jillian Frankel 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.
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