Trump Accounts go live, Gordon focuses on foster kids

Trump Accounts have started operating, with Wyoming’s Governor Mark Gordon saying he will focus on foster children as the federal program rolls out. Gordon described his commitment to the new initiative that gives all children menores de 18 a tax-advantaged savings account, which began on Monday. The program invests contributions in a low-cost stock index fund, and the administration aims for all states to open accounts for eligible youth in foster care by December 2027. Gordon said he is working with the Wyoming Department of Family Services (DFS) to ensure accounts remain protected when foster children change homes. Accounts are structured as traditional IRAs with special rules; distributions are generally taxed as ordinary income at age 18 and may face an additional 10% tax before age 60. According to NPR, eligible children can include a $1,000 deposit option from parents, and the accounts are available to U.S. citizens with Social Security numbers born during Trump’s second term from 2025 to 2028.