The Treasury Department on Tuesday issued guidance that could allow parents to make pre-tax contributions to their child’s Trump Account directly from their paycheck, with potential matching from employers, after a poll indicated a small percentage of companies would seek out a contribution program.
An earlier poll found that only a few companies would seek out a Trump Account contribution program.
Treasury Secretary Scott Bessent, in a statement Tuesday, said the agency is publishing guidance that would allow employers to contribute up to $2,500 in pre-tax funds each year for employees’ dependents, while also allowing the employees to contribute pre-tax funds to Trump Accounts.
More than 50 companies have committed to Trump Account contributions, according to the Treasury, though it’s unclear which firms are involved—IRS chief Frank Bisignano said the agency had worked with some of the “largest employers in the country to prepare them for Trump Accounts.”
The proposal still requires public comment and a hearing, scheduled for Oct. 13, before the Treasury and IRS can finalize it.
