The Dells make the largest ever donation for American kids

Dell Technologies founder Michael Dell and his wife, Susan, met with President Donald Trump yesterday and pledged $6.25 billion to seed newly created “Trump accounts,” which would help around 25 million kids.

A nonprofit partnering with the Dells called it the largest ever donation to American children.

The donation targets kids aged 10 and under, born before 2025, who live in ZIP codes with median incomes of $150,000 or less. Each eligible child will automatically receive $250 in their Trump account once opened.

The pledge complements the federal program established in this year’s tax bill, which grants $1,000 to every Trump account opened for American babies born this year through 2028.

Beginning July 4, parents will be able to open these tax-advantaged investment accounts. Once children turn 18, funds can be used for education, purchasing a home, as startup capital, or they can be rolled over into an IRA with taxes deferred until withdrawal.

Dell Technologies will also match the $1,000 federal grant for new children of its employees. 

CEO Michael told CNBC he believes such accounts would make them “less likely to be incarcerated.”

Experts note that $250 or $1,000 alone will not grow into large sums without additional contributions. Dell has been in contact with other philanthropists and hopes more will commit funds.