California's Franchise Tax Board has drawn sharp criticism after announcing it will not conform to the federal tax treatment of Trump Accounts, the new child savings program established under the One Big Beautiful Bill Act (OBBBA) signed by President Trump on July 4, 2025. The decision creates what opponents are calling a "Toddler Tax," imposing immediate or annual state-level taxation on accounts designed to grow tax-deferred for decades and help build lifelong wealth for Am