Democratic Rep. Bennie Thompson of Mississippi advised his constituents, and anyone else who will listen, not to open Trump Accounts, which are meant to benefit children.
The accounts were authorized by a provision in last summer’s “Big Beautiful Bill” that allows $1,000 in seed money for every American born between 2025 and 2028 for the benefit of the child when he or she reaches adulthood.
But you have to open the account to receive the benefit.
On Monday, President Donald Trump announced that over 6 million babies had accounts open for them, which were funded this week.
FOR THE FIRST TIME FROM THE OVAL: President Donald J. Trump rings the NYSE and Nasdaq opening bell to officially launch https://t.co/ku4KsB1uyD!
Investing in America’s next generation! 💰🇺🇸 pic.twitter.com/Dp9u96cPlR
— The White House (@WhiteHouse) July 6, 2026
Thompson, who was chairman of the Jan. 6 committee and a critic of the president, posted Monday on social media: “It’s safe to say, I would pass on a Trump account. Trump University already taught us what happens when his name is on the brochure. Does a $25 million settlement ring a bell?”
It’s safe to say, I would pass on a Trump account.
Trump University already taught us what happens when his name is on the brochure. Does a $25 million settlement ring a bell? https://t.co/ubClyrPPbq
— Rep. Bennie G. Thompson (@BennieGThompson) July 6, 2026
Trump University was a failed venture that ran from 2005 to 2010. The program, which aimed to teach Trump’s personal real estate and business strategies, was eventually shuttered.
The president of course has had many successful business ventures, primarily through the Trump Organization’s real estate investments, and his net worth is currently estimated at $6.5 billion, according to Forbes.
Why Thompson would advise parents not to open Trump Accounts is unfathomable. The Democrat represents one of the poorest districts in the country, with a per capita income of $27,380 and a median household income of $47,495. The national median household average is $83,730.
Nearly a quarter of the residents of Mississippi’s second congressional district live below the poverty line.
Treasury Secretary Scott Bessent told reporters in late May, “Trump Accounts, I believe, are the most important benefit for young people since the GI Bill.”
“Nearly six million American children have been signed up already for Trump Accounts, which will launch on July 4th,” he added. “I would encourage all of you to go to TrumpAccounts.gov to sign up.”
The website has both a link to download the app, as well as access to online Form 4547 to start the account.
.@SecScottBessent: “@TrumpAccounts, I believe, are the most important benefit for young people since the GI Bill. Today, the app is now available on all major platforms, bringing @POTUS‘ vision directly to American homes.”
DOWNLOAD NOW: https://t.co/WswVIB4Upz pic.twitter.com/EUcQdhGeLM
— Rapid Response 47 (@RapidResponse47) May 28, 2026
In December, Michael Dell, CEO of Dell Technologies, and his wife Susan announced that they would be contributing $6.25 billion to the Trump Accounts of 25 million children.
“Through our charitable funds, we are thrilled to be contributing $6.25 billion to seed 25 million additional accounts with $250 each,” they said. “These deposits will reach the accounts of most children age 10 and under who were born prior to the qualifying date for the federal newborn contribution.”
CNBC reported at the time that the Dells’ contributions will go to ZIP codes with a median income of $150,000 or less.
The accounts “will be open for additional private contributions each year from family, friends, parents, employers, churches, private foundations, and more,” Trump pointed out in July 2025.
Several other companies announced they will be making contributions to the Trump Accounts, including Visa, Comcast, Uber, and Charles Schwab, the White House said.
Axios reported last summer that each child’s account can take up to $5,000 in additional contributions each year, including up to $2,500 on a tax-free basis by a parent’s employer.
CNN’s business reporter David Goldman noted on Monday, “If you do max out your contributions, you’re talking about some really serious money — about a quarter million dollars by the time your child is 18.”
CNN with a breakdown of @TrumpAccounts:
“If you do max out your contributions, you’re talking about some REALLY SERIOUS MONEY—about a QUARTER MILLION DOLLARS by the time your child is 18.” pic.twitter.com/4velN6E5ur
— Rapid Response 47 (@RapidResponse47) July 6, 2026
After the child reaches 18, the money can be used for college tuition or other schooling, a first home down payment, seed money to start a business, or retirement savings, among other things.
If the money is withdrawn for non-authorized uses, there is a 10 percent penalty plus back taxes, presumably on capital gains, Goldman pointed out.
Bennie Thompson is engaging in malfeasance by advising people not to open Trump Accounts. Time for him to put partisanship aside, for once.
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