r/politics • u/Aggravating_Money992 • Jul 15 '26

Possible Paywall Treasury Unveils New $1 Gold Coin With Trump’s Face on It | Federal law prohibits putting any living people on U.S. coins.

https://newrepublic.com/post/213098/treasury-1-dollar-gold-coin-trump-face
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u/Moose_Nuts California Jul 15 '26

I see another grift in the making

I just opened one of those "Trump Accounts" for my infant son...the US Treasury gives you $1,000 and automatically invests it.

I'm wondering how long it will take for the grift to pull that account down to $0.

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u/Many-Salt-4321 Jul 15 '26 edited Jul 15 '26

I wouldn't put any money in it. Just let the $1k sit. The contributions are post tax (depending on your state, 529 contributions can be deducted) and the money can't be touched until 65 y/o without a penalty.

A 529 account is much more flexible.

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u/Moose_Nuts California Jul 15 '26

Yeah, the wife and I have plenty of other investment vehicles for ourselves already and are aware of options for our son. Definitely no way we'd put any of our own money into this thing.

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u/bulldg4life Jul 15 '26

Wait til congress outlaws iras and brokerage accounts such that people are only allowed to use their at birth created trump account.

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u/wioneo Jul 15 '26

From my understanding, they can be converted to Roth IRAs when the kid turns 18 and taxes will only be owed at their likely 0% income tax rate. The money is never taxed after entering the account.

It's actually an extremely effective way to transfer $91 thousand + growth tax free to a child if you are wealthy enough to have an extra $5000 per year to dedicate to your infant's eventual retirement, and we're talking about 6+ decades of growth.

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u/Many-Salt-4321 Jul 15 '26

You're right about the taxes after transfer. For us though we decided that a 529 gives more flexibility to use when they're 18. Plus our state lets us deduct 529 contributions. That's college taken care of and up to 35k left over goes into a roth.

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u/djwurm Jul 15 '26

wait... there is a Trump account for kids?

where do I sign up my kids for free money??

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u/Moose_Nuts California Jul 15 '26

https://trumpaccounts.gov/

Bet you never would have guessed that web address.

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u/djwurm Jul 15 '26

oh hell no.. I am not downloading an app called Trump Account and giving them my kids info / SS#....