How Phil Hellmuth Having Connections Could Make America's Youth Prosper
Phil Hellmuth used his connections at the poker table to help push through a policy that could benefit America's youth.
Wall Street Journal journalist Gunjan Banerji reported on a story about the new "Trump accounts," a tax-advantaged savings account for children. The plan is part of the One Big Beautiful Bill Act (OBBA), President Donald Trump's signature economic bill.
Trump accounts, a plan that is intended to help Americans get on their way to wealth at a young age, had strong support from Wall Street and Silicon Valley, thanks in part to an assist from Hellmuth, Banerji reports.
'Poker Brat' Comes Up Clutch
Hellmuth, during a 2024 poker game at Bellagio in Las Vegas with Republican Senator Ted Cruz (Texas), asked the 2016 presidential candidate: "Hey, have you heard about my buddy, Brad Gerstner?"
Gerstner, a Silicon Valley venture capitalist who founded the Invest America organization, had a plan to get children started off with an investment account. Hellmuth, who plays poker with the wealthy investor, suggested to Cruz he communicate with Gerstner to discuss what would later be known as Trump accounts.
The 17-time World Series of Poker (WSOP) bracelet winner started a group chat with Cruz and Gerstner, and the rest is history. Congress passed the OBBA this summer, which included the new Trump account plan.
That tax-advantaged plan gives eligible children a $1,000 contribution from the federal government, deposited into their Trump account. Parents or guardians can instead opt for their child to take a $250 donation from Dell Technologies CEO Michael Dell and his wife, Susan Dell.
A Trump account functions like a retirement account and can receive continued deposits from various sources, such as employers and family members. The funds grow tax-deferred, and the money can't be withdrawn until age 18, with rare exceptions.
