Ted Cruz confirms ‘dirty little secret’ about Trump Accounts, and it could change Social Security.
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Ted Cruz says the Trump administration’s new investment accounts for children could eventually help reshape the future of Social Security — reviving one of Washington’s most politically explosive financial debates. “Here’s the dirty little secret: Trump Accounts are Social Security personal accounts,” Cruz said at the Milken Institute Global Conference (1). Top Picks – Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don’t have to deal with tenants or fix freezers. Here’s how – Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s how to fix it ASAP – The IRS usually taxes gold as a collectible — but this little-known strategy lets you hold physical bullion tax-free.
Get your free guide from Priority Gold The Accounts were created under President Donald Trump’s tax and spending package and are designed as tax-advantaged investment accounts for children (2). Each account starts with $1,000, and parents can contribute up to $5,000 per year. Cruz described the child investment accounts as part of a larger conservative goal — moving Americans toward individually owned, market-based retirement accounts. “The only way anyone has ever climbed the economic ladder is you pull yourself up one rung at a time,” Cruz said. “Government policies should facilitate the means of ascent up the economic ladder.” He said the accounts could help expose millions of Americans to investing for the first time. “Every child in America will experience the miracle of compound growth,” Cruz continued. “Half of Americans do not own a single stock or bond.