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Department of Treasury issued guidance that could allow parents to make pre-tax contributions to a child's Trump Account directly from their paycheck, the department said.
Employers could match those contributions, the guidance states.
What the guidance establishes The Treasury Department's release describes a payroll-deduction path through which a parent's contribution would be taken before federal taxes apply.
That pre-tax treatment lowers the worker's taxable income for the pay period in which the deduction is recorded. Employers, according to the guidance, could add matching funds alongside a parent's contribution.
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