India, June 23 -- Millions of American families are bracing for a potential financial boost as the federal government prepares to officially launch the "Trump Accounts" program. Starting July 4, the administration will begin issuing one-time $1,000 contributions to eligible children, marking a significant milestone in the rollout of the Working Families Tax Cuts law.

The program, which has been under development by the Treasury Department and the Internal Revenue Service (IRS), is designed to function as a long-term investment vehicle. By seeding these accounts with federal funds, the administration aims to provide children with a financial head start through tax-advantaged accounts that track U.S. stock market funds.

Eligibility and En...