This story is part of our Quick Hits series. This series will bring you breaking news and short updates from throughout the state.
Gov. Mark Gordon said he’s “committed to support” Pres. Trump’s new program that gives all children under 18 a tax-advantaged savings account.
The program is called Trump Accounts. It invests in a low-cost stock index fund. It went live on Monday.
The idea behind the program is to help American children break out of the cycle of intergenerational poverty. States, employers and philanthropists are encouraged to contribute to the program.
Gordon said he plans to focus specifically on foster children in Wyoming as part of First Lady Melania Trump’s “Fostering the Future” campaign. The Trump administration said its goal is for all states to open Trump Accounts for eligible children and youth in foster care by December 2027.
Gordon said he’s working with the Wyoming Department of Family Services (DFS) to make sure that when foster children change homes, their accounts are protected and have long-term stability.
“I have spent years advocating for financial literacy in our children and the need to understand how money works for them. Wyoming’s foster children deserve nothing less,” Gordon said in a press release. “The First Lady’s vision for the financial security of our foster youth reflects Wyoming’s commitment to helping the young people in our foster care system build a strong future.”
"Children and youth who have experienced foster care deserve every opportunity to thrive as they transition into adulthood. We support efforts that help strengthen their long-term stability and create opportunities for future success," said DFS Director Korin Schmidt.
Trump Accounts are traditional IRAs with special rules. Distributions are generally permitted and taxed as ordinary income at age 18, though may be subject to an additional 10% tax before age 60.
According to NPR, each account comes with a perk that parents can opt into: a $1,000 deposit for eligible kids. It's available to any child who's a U.S. citizen with a Social Security number and who was born during Trump's second term from 2025 to 2028.
