The tax benefits that come with the new Trump Account investment initiative are so skimpy that many are already predicting the program could be a bust.

But as the administration gears to up to create the savings accounts for tens of millions of children, it has a not-so-secret weapon: President Donald Trump.

At a time when many are eager to curry favor with the president, or avoid his wrath, the administration is imploring corporate chieftains, philanthropists and governors to give generously to Trump’s eponymous accounts, which are designed to create investment nest eggs for kids.

“The president is calling on our nation’s business leaders and philanthropic organizations to help us make America great again by securing the financial future of America’s children,” Treasury Secretary Scott Bessent said Wednesday.

And the administration is already racking up wins.

Dell Technologies founder Michael Dell has pledged to spend $6.25 billion doling out $250 each to the accounts of millions of children. Hedge fund manager Ray Dalio followed that up with a promise to give $75 million to accounts for children in Connecticut, where he lives.

At the same time, the White House is pressing companies to contribute to their employees’ kids accounts, and a small but growing number have pledged to participate. Among them: Visa, Mastercard, Uber, Charter Communications and Blackrock.

Governors too are being pressed into action, and Bessent said almost two dozen states are now considering various ways to contribute.

The campaign is something of a wild card that could at least partly compensate for shortcomings with the program, one of Trump’s signature initiatives in Republicans’ domestic policy megabill signed into law this summer.

Many experts have been skeptical about how many families will participate because the tax breaks are not particularly generous, especially compared to other savings vehicles like 529 accounts.

Trump and congressional Republicans have a lot riding on the program, which is set to formally launch in July — just months before the midterm elections — and has already become a talking point in their bid to convince voters they are addressing concerns about affordability.

The program will set up accounts to which people can set aside money for children, generally up to $5,000 annually, that will be invested in index funds. When the child turns 18, they can withdraw money for specified purposes, including going to college or buying a home. Babies born in the next four years will also get $1,000 from the government in seed money under a pilot program.

Republicans hope it will allow more families to experience first-hand the benefits of investing.

But even advocates acknowledge the tax benefits associated with the plan are not great, a result of lawmakers trying to keep its budgetary cost down when they were devising the legislation.

Unlike 529s, money taken out of the accounts is taxable. Contributions are taxable too, though, in a surprise move, the Treasury Department said people can potentially put in up to $2,500 in pre-tax dollars if they do it through their jobs.

When Congress’s official scorekeepers analyzed the program, they figured it would cost about $15 billion — a fraction of what Trump’s new breaks for tips and overtime are expected to cost — which implied they didn’t see much uptake.

A unique thing about the plan, though, is that it is designed to accept contributions from not just parents and other family members, but also employers, nonprofits, philanthropists and state governments.

“One of the most promising things about Trump accounts is that they encourage multiple investors” in the accounts, said Ray Boshara, a senior policy adviser at the Aspen Institute who has advised lawmakers on similar initiatives.

He noted that both Dell and Dalio are limiting their donations to kids who live in zip codes where the median income is less than $150,000.

“Not only are philanthropists taking advantage of this unique provision” but “the fact that they’re doing it progressively is even better,” said Boshara.

Bessent, a former hedge fund manager, says he is pushing other wealthy people to follow Dell and Dalio —and appears so confident that others will that he’s given the campaign a name: “The 50 State Challenge.”

“We are inviting every philanthropist in every state across the country to partner with us,” said Bessent, adding that Dalio would represent Connecticut.

Trump has said he too will give to the accounts, though details are still TBA.

At the same time, the administration is pressing companies to contribute to accounts for their employees’ kids, much like they do with 401(k)s. On that score, the White House got an assist from Sen. Cory Booker (D-N.J.) who cosigned a letter with Sen. Ted Cruz (R-Texas) to the CEOs of Fortune 1000 companies urging them to participate.

“Many companies have already pledged support and we encourage your company to explore how you might contribute at a level aligned with your mission and capacity,” they wrote in a recent letter.

Blackrock and BNY both said they would match the government’s $1,000 contributions to the children of their employees.

The administration has released some details about how the plan will work, stipulating for example that the $2,500 employers can give to the accounts tax-free is per employee, not per child for those who have more than one. But many companies are in wait-and-see mode.

Meantime, the administration is also looking to states to pitch in.

“The administration has been working closely with a number of governors to determine the best way states can work with the federal government to expand access to Trump accounts,” said Bessent.

“Thus far, 20 states are considering topping-up the accounts.”