 |
|
|
|||||
As a continuation of President Donald Trump‘s pitch to Americans on affordability and the economy under his administration, the U.S. Treasury and White House are celebrating the upcoming launch of a program they view as a key milestone: Trump Accounts. A provision of Trump’s tax legislation, Trump Accounts are meant to give $1,000 to every newborn, so long as their parents open an account. That money is then invested in the stock market by private firms, and the child can access the money when they turn 18. A U.S. Treasury event Wednesday brings together an assortment of politicians and celebrities from Texas Republican Sen. Ted Cruz to rapper Nicki Minaj to discuss the program and its potential impact on the economy. Backers of Trump Accounts have said they’re a way to help children from low-income households build wealth. Heres what you need to know about Trump Accounts and how to claim them. What is a Trump Account? Its a new savings tool where money is invested in the stock market on behalf of a child. The child cant access the money until they turn 18 and can only use it for specific purposes, such as paying tuition, starting a business or making a down payment on a home. After a parent opens an account, the U.S. Treasury will contribute $1,000 for newborns. Private banks and brokerages will manage the money, which must be invested in U.S. equity index funds that track the stock market and charge the accounts no more than 0.10% in annual fees. Parents can contribute up to $2,500 annually in pretax income, much like they do for retirement accounts. Parents employers, relatives, friends, local governments and philanthropic groups can also pitch in. Yearly contributions are capped at $5,000, but contributions from governments and charities dont count toward that total. Who gets $1,000? As part of the initiatives launch, parents of older children are also encouraged to open accounts, but they wont get the $1,000 bonus. That money is only reserved for babies born during the calendar years of the Trump administration. To qualify for the $1,000 seed money, a baby must be a U.S. citizen, have a Social Security number and be born between Jan. 1, 2025, and Dec. 31, 2028. Any parent can open an account for a qualifying child, regardless of the parents immigration status. Its important to note that the child wont be able to access the money until they turn 18, except in rare circumstances, so it cant help with immediate expenses. And disbursements from the accounts will be subject to taxes. What about older children? Children born before 2025 wont qualify for the $1,000 incentive, but parents can still open accounts for them as long as theyre under 18. Parents can still invest up to $2,500 pretax for those kids. In December, billionaires Michael and Susan Dell announced a $6.25 billion donation that will allow some children who are 10 and under to receive $250 in seed money if their parents open an account. That money is reserved for kids who live in ZIP codes with a median family income of $150,000 or less and who wont get the $1,000 seed money from the Treasury. A few weeks later, hedge fund founder Ray Dalio and his wife Barbara pledged $75 million for kids under 10 in Connecticut, where Dalio lives. That would amount to $250 for 300,000 children in qualifying ZIP codes. Those large contributions are part of an effort by the U.S. Treasury dubbed the 50 State Challenge by Secretary Scott Bessent to encourage wealthy philanthropic donors to pitch in. Other corporations participating in the program include Uber, MasterCard, BlackRock, Visa and Charles Schwab, according to the Trump Accounts website. How do I open a Trump Account for my kids? The accounts wont be open for contributions until July 2026, but parents of eligible kids can sign up using Form 4547 from the Internal Revenue Service. Parents can fill out the form when filing taxes this year or when the administration opens an online portal this summer, according to the Trump Accounts website. Registering for a Trump Account is required for a child to receive the money. In May, parents who sign up will get information about how to finish opening the accounts. Whats the idea behind the accounts? Backers of the accounts say they want to introduce more people to the stock market and give even children born into poverty a chance to benefit from it. Supporters also say the accounts bolster capitalism at a time when openly socialist candidates are growing more popular. About 58% of U.S. households held stocks or bonds in 2022, according to the U.S. Securities and Exchange Commission, though the wealthiest 1% owned almost half the value of stocks in that same year. Before Trump created the accounts, California, Connecticut and the District of Columbia were piloting baby bonds programs that are similar to Trump Accounts in some ways. Several other states, including Maryland, are weighing programs. But those programs are targeted for youth growing up in poverty or foster care, plus children who lost a parent to COVID-19. Wealthier children dont benefit. Theyre also managed by the state, not private investment firms. What do critics say? Critics point out the accounts do little to help children in their early years, when theyre most vulnerable and most likely to be in poverty. The accounts, they say, also fail to offset cuts the Trump administration and congressional Republicans have made to other programs that benefit young people and their families, including food assistance and Medicaid. Republicans created the accounts in the same Trump tax bill that reduced spending for some of those programs. And even with the contribution from the government, critics say the Trump Accounts will widen the wealth gap. Affluent families that can afford to make the maximum pretax contribution to the accounts will realize the greatest benefits. Poor families who cant afford to set aside money for the accounts will benefit the least. Assuming a 7% return, the $1,000 in seed money would grow to roughly $3,570 over 18 years. ___ The Associated Press education coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find APs standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org. Makiya Seminera and Moriah Balingit, AP education writer
Category:
E-Commerce
Virtues such as compassion, patience, and self-control may be beneficial not only for others but also for oneself, according to new research my team and I published in the Journal of Personality in December 2025. Philosophers from Aristotle to al-Frb, a 10th-century scholar in what is now Iraq, have argued that virtue is vital for well-being. Yet others, such as Thomas Hobbes and Friedrich Nietzsche, have argued the opposite: Virtue offers no benefit to oneself and is good only for others. This second theory has inspired a lot of research in contemporary psychology, which often sees morality and self-interest as fundamentally opposed. Many studies have found that generosity is associated with happiness, and that encouraging people to practice kindness increases their well-being. But other virtues seem less enjoyable. For example, a compassionate person wants to alleviate suffering or misfortune, but that requires there be suffering or misfortune. Patience is possible only when something irritating or difficult is happening. And self-control involves forgoing ones desires or persisting with something difficult. Could these kinds of virtues really be good for you? My colleagues and I investigated this question in two studies, using two different methods to zoom in on specific moments in peoples daily lives. Our goal was to assess the degree to which, in those moments, they were compassionate, patient, and self-controlled. We also assessed their level of well-being: how pleasant or unpleasant they felt, and whether they found their activities meaningful. One study, with adolescents, used the experience sampling method, in which people answer questions at random intervals throughout the day. The other, studying adults, used the day reconstruction method, in which people answer questions about the previous day. All told, we examined 43,164 moments from 1,218 people. During situations that offer opportunities to act with compassion, patience, and self-controlencountering someone in need, for example, or dealing with a difficult personpeople tend to experience more unpleasant feelings and fewer pleasant ones than in other situations. However, we found that exercising these three virtues seems to help people cope. People who are habitually more compassionate, patient, and self-controlled tend to experience better well-being. And when people display more compassion, patience, and self-control than usual, they tend to feel better than they usually do. In short, our results contradicted the theory that virtue is good for others and bad for the self. They were consistent with the theory that virtue promotes well-being. Why it matters These studies tested the predictions of two venerable, highly influential theories about the relationship between morality and well-being. In doing so, they offered new insights into one of the most fundamental questions debated in philosophy, psychology, and everyday life. Moreover, in the scientific study of morality, lots of research has examined how people form moral judgments and how outside forces shape a persons moral behavior. Yet some researchers have argued that this should be complemented by research on moral traits and how these are integrated into the whole person. By focusing on traits such as patience, compassion, and self-control and their roles in peoples daily lives, our studies contribute to the emerging science of virtue. What still isnt known One open question for future research is whether virtues such as compassion, patience, and self-control are associated with better well-being only under certain conditions. For example, perhaps things look different depending on ones stage of life or in different parts of the world. Our studies were not randomized experiments. It is possible that the associations we observed are explained by another factorsomething that increases well-being while simultaneously increasing compassion, patience, and self-control. Or maybe well-being affects virtue, instead of the other way around. Future research could help clarify the causal relationships. One particularly interesting possibility is that there might be a virtuous cycle: Perhaps virtue tends to promote well-being, and well-being, in turn, tends to promote virtue. If so, it would be extremely valuable to learn how to help people kick-start that cycle. The Research Brief is a short take on interesting academic work. Michael Prinzing is a research and assessment scholar at Wake Forest University. This article is republished from The Conversation under a Creative Commons license. Read the original article.
Category:
E-Commerce
A federal judge said Tuesday that a nearly completed Massachusetts offshore wind project can continue, as the industry successfully challenges the Trump administration in court. At U.S. District Court in Boston, Judge Brian Murphy halted the administration’s stop work order for Vineyard Wind, citing the potential economic losses from the delays and the developers’ likelihood of success on their claims. Vineyard Wind is one of five big offshore wind projects on the East Coast that the Trump administration froze days before Christmas, citing national security concerns and the fourth that has since been allowed to go forward. A spokesperson for the company, Craig Gilvarg, said in a statement that it would work with the Administration to understand the matters raised in the Order. Vineyard Wind will focus on working in coordination with its contractors, the federal government, and other relevant stakeholders and authorities to safely restart activities, as it continues to deliver a critical source of new power to the New England region, Gilvarg added. Developers and states sued seeking to block the administration’s order. Prior to Vineyard Wind’s hearing, federal judges had allowed three of the five to restart construction: the Revolution Wind project for Rhode Island and Connecticut by Danish company Orsted, the Empire Wind project for New York by Norwegian company Equinor, and Coastal Virginia Offshore Wind for Virginia by Dominion Energy Virginia. Those three judges essentially concluded that the government did not show that the national security risk is so imminent that construction must halt, said Carl Tobias, a University of Richmond Law School professor who has been following the lawsuits. Orsted is also suing over the administration halting its Sunrise Wind project for New York the fifth paused project but has not had a hearing yet. Vineyard Wind is a joint venture between Avangrid and Copenhagen Infrastructure Partners, located 15 miles (24 kilometers) south of Marthas Vineyard and Nantucket, Massachusetts. It is 95% complete and partially operational, able to produce nearly 600 megawatts of power for the New England electric grid, according to the complaint. Before the pause, it was on track to be complete by the end of March, with 62 turbines generating a total of 800 megawatts. That is enough clean electricity to power about 400,000 homes. Massachusetts Attorney General Andrea Joy Campbell said the completion of this project is essential to ensuring the state can lower costs, meet rising energy demand, advance its climate goals and sustain thousands of good-paying jobs. U.S. Sen. Edward Markey, a Massachusetts Democrat, welcomed the judge’s ruling. This stay is an important step in the process to fight back against the Trump administrations lawless attacks against our union jobs, grid security, and energy affordability, Markey said in a statement. Vineyard Wind 1 is currently delivering affordable and reliable power into our grid and has the permits, financing, and approval to deliver even more. Shutting off Vineyard Wind 1 would kill thousands of local union jobs, prevent power from reaching 400,000 homes, and cause us to lose out on $3 billion of energy savings.” The administration’s announcement that paused construction did not reveal specifics about its national security concerns. But in a court filing, Matthew Giacona, acting director of the Bureau of Ocean Energy Management, said he reviewed classified documents in November that discussed direct impacts to national security that arise from operating offshore wind projects near early warning monitoring and radar systems. Giacona said he determined the ongoing activities for the Vineyard Wind project did not adequately provide for the protection of national security interests, absent potential mitigation measures. Given its nearly complete status, the Bureau of Ocean Energy Management decided to allow Vineyard Wind to continue partially operating during the suspension period while it consulted with defense officials and the owners, Giacona said. But he said he is not aware of any measures that would mitigate the national security risks. Trump has targeted offshore wind power President Donald Trump has targeted offshore wind from his first days back in the White House, recently calling wind farms losers that lose money, destroy the landscape and kill birds. Research from the Lawrence Berkeley National Laboratory shows that states with the most utility-scale wind and solar often have low electricity prices, supported by federal tax incentives. However, states with aggressive, binding programs to mandate more renewable energy have seen prices increase as a result of those policies, according to the study. Turbines, like all infrastructure, can pose a risk to birds. The National Audubon Society, which is dedicated to the conservation of birds, thinks developers can manage these risks and climate change is a greater threat. White House spokesperson Taylor Rogers has said the construction pause is meant to protect the national security of the American people and Trump has been clear that wind energy is the scam of the century.” Health and Human Services Secretary Robert F. Kennedy Jr. has criticized the Vineyard Wind project, specifically, because of a blade failure. Fiberglass fragments of a blade broke apart and began washing onto Nantucket beaches in July 2024 during the peak of tourist season. Manufacturer GE Vernova agreed to pay $10.5 million in a settlement to compensate island businesses that suffered losses. Kennedys family famously opposed an earlier failed wind project not far from the familys Cape Cod estate. ___ The Associated Press climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find APs standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org. Jennifer McDermott and Michael Casey, Associated Press
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||