Trump Account thoughts

[TheTone]

Maybe I’m just a stick in the mud and wish that supposed tax cut money was going back to the people that actually paid into it or we could pay down some of our national debt. Meanwhile how’s social security looking that generations of Americans have been contributing to?

 

[BigHornRam]

Another factor on these...your kid has access to the money at the age of 18 for whatever they want. Penalties apply but theres nothing you can do if they want it.

Worst case scenario, little Johnny spends it on hookers and blow, when he turns 18. Best case scenario, little Johnny learns about investment and the power of compounded interest at an early age. I think the good out weighs the bad, but that just me.

 

[Nick87]

Worst case scenario, little Johnny spends it on hookers and blow, when he turns 18. Best case scenario, little Johnny learns about investment and the power of compounded interest at an early age. I think the good out weighs the bad, but that just me.

That falls under parenting, the horror.

 

[westbranch]

Worst case scenario, little Johnny spends it on hookers and blow, when he turns 18.

Some of us call that stimulating the economy!

 

[sigpros]

How are earnings defined? Woukd 4h sales work? I can't see why not.

I know like on a Roth IRA they say you can use baby sitting, lawn mowing etc. So i assume the 4H sales would work just not sure how. My way of thinking if you put like $3500 in from 4H sales there probably won't be any questions asked. Now if a 10 year old is maxing the $7500 every year in a roth they might look into it? But then again I am just speculating here.

 

[sigpros]

Maybe I’m just a stick in the mud and wish that supposed tax cut money was going back to the people that actually paid into it or we could pay down some of our national debt. Meanwhile how’s social security looking that generations of Americans have been contributing to?

SS is such a scam. I think something like this could be a way to wean us off SS. It is kind of like the young bucks at work complaining about no pension. I tell them the matching 401 and hours bonus they get is a better deal

 

[Forkyfinder]

Wonder how many parents or parents to be wont sign up for the free money that their kid will receive, because its titled a "trump account" ?

For me, you could call it biden, obama, clinton, stalin, or mao account - my obligation to do whats best for my kids is independent of politics.

It didnt make sense for me, much the same as @TOGIE.

 

[wvhunter304]

Wonder how many parents or parents to be wont sign up for the free money that their kid will receive, because its titled a "trump account" ?

For me, you could call it biden, obama, clinton, stalin, or mao account - my obligation to do whats best for my kids is independent of politics.

It didnt make sense for me, much the same as @TOGIE.

I wonder how right wingers would feel when this meets the definition of socialism they rail about?

 

[jimh406]

I wonder how right wingers would feel when this meets the definition of socialism they rail about?

Hard to say, but I don't think these meet any somewhat reasonable definition of socialism.

 

[Exhausted]

I wonder how right wingers would feel when this meets the definition of socialism they rail about?

We're not opposed to all social assistance, we're opposed to widespread socialism as a governmental structure. I've used state funded insurance, WIC, food stamps, etc. at one point or another. But I still think Mamdani and his ilk are dangerous to America and wish they would quickly be removed from power by any legal means necessary.

 

[westbranch]

How are earnings defined? Woukd 4h sales work? I can't see why not.

W2 or self-employment earnings reported on a tax return. There would be self-employment tax on reporting net income from 4h sales so I think most people just avoid it unless the kids receive a 1099 or similar.

Funding a Roth for kids once they have a W2 or other earnings is one of the best opportunities out there. If the kids work for a business owned by the parent's they don't pay FICA taxes on the W2, no income tax up to the standard deduction and they can fund a Roth based on the earnings.

 

[Bonasababy]

SS is such a scam. I think something like this could be a way to wean us off SS. It is kind of like the young bucks at work complaining about no pension. I tell them the matching 401 and hours bonus they get is a better deal

Every financial advisor I have talked with tells me pensions are more valuable. Many have automatic COLAs so beating or keepi ng up with i flation isnt a concern. 401's, 403b's, 457's etc do not.

But like SS, most arent enough on their own...but they make it a lot easier as you dont need as much in your personal retirement accounts.

For me, my pension is allowing me to delay taking SS, which will make me even more cola adjusted money for the rest of my life.

 

[Bonasababy]

Hard to say, but I don't think these meet any somewhat reasonable definition of socialism.

MAGA folks couldnt come up with an accurate description of socialism if their life depended on it.

Trump accounts...like the Trump checks and aid to farmers in his last administration...are first and foremost an attempt to buy votes and favor...and greatly add to the deficit.

 

[Forkyfinder]

I wonder how right wingers would feel when this meets the definition of socialism they rail about?

MAGA folks couldnt come up with an accurate description of socialism if their life depended on it.

Trump accounts...like the Trump checks and aid to farmers in his last administration...are first and foremost an attempt to buy votes and favor...and greatly add to the deficit.

Im not sure - the modern "right wing" means a lot of things that dont resonate with me and arent really objectively fitting of the traditional conservative politics. Theres a long list of recent fundamental changes, heres a short start:

Subidies
Tariff trade policy
Govt ownership of private enterpreise
Programs like this

I do know that villifying people only further entrenches folks into their respective tribe. Woke, Maga, or whatever else.