IRS CEO Frank Bisignano, who was tapped to lead the Trump account expansion, told CNBC’s “Squawk Box” Thursday that he expects every family will one day be able to have one of the new tax-deferred investment accounts for their children.
“We can register people very easily. I think the goal is to get 70 million kids under 18 to have a Trump account,” Bigisnano said.
To date, families have enrolled 6.5 million children, according to a July 10 tally from the U.S. Treasury Department.
“Every family should sign up for a Trump account,” Bisignano said.
Mr. Bisignano, who also serves as head of the Social Security Administration, said he met with CEOs of tax preparation companies to discuss their ability to distribute Mr. Trump’s accounts. He also mentioned the possibility of distribution through banks.
“This is very much a technology business, and we want to make it easy for people to sign up,” Bisignano said.
He also cited financial incentives, including $1,000 in federal seed money for infants born between 2025 and 2028, matched by funding from employers and grants from philanthropists like Michael Dell and Susan Dell, as ways to encourage enrollment. “This is why I am confident that we will eventually reach 70 million people,” Bisignano said.
Earlier this month, Altimeter Capital CEO Brad Gerstner, who helped spearhead the Trump account, suggested during an appearance on CNBC that the government could automatically enroll eligible children. “Over the next few months, we hope to work with the Social Security Administration to automatically create a 70 million share for every child under 18,” he said.
