Working Families Tax Cuts Help Young Americans Achieve the American Dream

Working Families Tax Cuts Help Young Americans Achieve the American Dream

Washington, D.C.-The Working Families Tax Cuts spearheaded by U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) are setting up young Americans for a strong financial future through the creation of Trump Accounts. Beginning July 4, parents, employers, friends and philanthropists will be able to contribute to these investment accounts for children. Additionally, children born between January 1, 2025, and December 31, 2028, will qualify for an initial investment of $1,000 from the U.S. Treasury. At age 18, accountholders can continue to let the account grow or use the accounts for expenses like tuition or to help purchase their first home.

"Trump Accounts represent Republicans' commitment to ensuring all Americans are enriched by our economy," said Crapo. "Watching their accounts grow will teach children important financial lessons and empower them to pursue new opportunities as young adults. Through these initial $1,000 contributions, we are making a significant investment in the next generation. I welcome the pledges made by many generous corporations and philanthropists to supplement that investment, and I encourage others to follow suit."

How Trump Accounts work:

• Parents elect to create the accounts for their children when they file their taxes or on the Trump Accounts website.
• Eligible accounts receive an initial contribution from the Treasury Department, plus any eligible philanthropic donations.
• Funds are invested in low-cost index funds and begin to grow year after year.
• Families, friends and employers can contribute up to $5,000 each year, adjusted for inflation.
• When the child turns 18, they can continue saving for retirement or make withdrawals from the account under traditional individual retirement arrangement (IRA) rules.

What they are saying:

"Trump Accounts are the defining policy of America's 250th anniversary. By expanding equity ownership to all citizens, President Trump is restoring the promise of our Founding, revitalizing the social contract, and helping secure American prosperity for the next 250 years. All families can participate and own part of the American Dream." - U.S. Treasury Secretary Scott Bessent

"The answer to more socialism is more capitalism. This makes every child in America a capitalist from birth. . ." - Altimeter Capital founder Brad Gerstner

Click HERE for the official Trump Accounts website.

Click HERE to learn more about how Trump Accounts will make life more affordable for the next generation.

Click HERE to learn more about the Finance Committee provisions in the Working Families Tax Cuts.