Congressman Bennie Thompson (Photo from Thompson's X) - State Treasurer David McRae at Neshoba, June 2026 (Photo by Frank Corder | Magnolia Tribune)
- “Bennie Thompson has Trump Derangement Syndrome so badly that he’s telling Mississippians to forego a $1,000 investment in their child’s future. Mississippi deserves better,” Treasurer David McRae wrote.
Earlier this week, President Donald Trump (R) hosted an event at the White House to officially launch the nation’s new, custodial-style traditional IRA for minors, referred to as Trump Accounts.
Ever opposed to Trump, Mississippi’s lone Democrat Congressman Bennie Thompson used the launch to urge people to “pass” on the government-backed accounts.
“It’s safe to say, I would pass on a Trump account,” Thompson wrote on social media. “Trump University already taught us what happens when his name is on the brochure. Does a $25 million settlement ring a bell?”
Thompson’s comment drew immediate backlash from various circles, including from Mississippi State Treasurer David McRae (R).
“Bennie Thompson has Trump Derangement Syndrome so badly that he’s telling Mississippians to forego a $1,000 investment in their child’s future. Mississippi deserves better,” McRae wrote on Facebook, later adding, “Bennie Thompson has a history of supporting Baby Bonds, which make a $1,000 investment in babies at birth. But he won’t support Trump Accounts, which make a $1,000 investment in babies at birth. Make it make sense!”
The Trump Accounts were part of the One Big Beautiful Bill signed into law in 2025. Every
American child born after January 1, 2025 through December 31, 2028 is eligible as long as they are U.S. citizens with a valid Social Security number.
Parents, guardians and other authorized individuals can establish the new style account for their children. This can be done by submitting an IRS Form 4547 via the Trump Accounts app, when filing taxes, or through the IRS website, Individual Online Accounts.
The federal government will make an initial deposit of $1,000 into each Trump Account. Parents are then able, though not required, to make additional deposits into the account of up to $5,000 per year. Of this $5,000 limit, up to $2,500 per year can come from each parent’s employer and will not count toward parents’ taxable income, providing a further incentive for contributions to Trump Accounts. At age 18, the account is generally treated like a traditional IRA.
By law, Trump Accounts may only be invested in broad U.S. equity index funds that track the overall U.S. stock market, do not use leverage, and charge no more than 0.10% in annual fees.
Philanthropists Michael and Susan Dell have committed $6.25 billion to seed the accounts. The White House has called the gift “one of the largest direct investments ever made in American families.”
