US Treasury sets payroll rules for Trump Accounts after $6.25B Dell pledge

The US Treasury and IRS have released proposed rules enabling payroll contributions to Trump Accounts, a federal child savings initiative. Employers will be permitted to contribute up to $2,500 tax-free per year toward the accounts of employees' dependent children. Workers will also have the option to make pre-tax contributions directly from their paychecks. The move follows a $6.25 billion pledge by philanthropists Michael and Susan Dell to support the program. The proposed regulations are currently open for public comment before they are formally adopted.