Ted Cruz: “Parents and family and employers can contribute up to 5,000…”

“These Trump accounts. Starting on July 4th, every child in America will have a personal investment account opened for them. Newborn children will have it seeded with $1,000. Parents and family and employers can contribute up to 5,000 a year [to a tax-advantaged account]. And in a tax advantaged account, that money will be invested in the S&P 500 in the stock market. Broad based equity index account. Two massive benefits that change this country.” (21:03–21:08)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.