WASHINGTON, D.C. – Trump Accounts – enacted as part of the working families tax cuts – give parents a new way to save for their children’s futures, including farm families – as highlighted in a recent segment on a national TV channel focused on rural America. A CPA specializing in tax matters for farmers and processors praised Trump Accounts as a “very powerful tool to help parents get their children ready for facing life.” 

For the entirety of President Trump’s term, every newborn child will receive a one-time contribution of $1,000 to start a private investment account that promotes long-term savings. 

“After years of watching their savings run dry under Joe Biden and Washington Democrats, American parents can breathe a little easier thanks to the new Trump Accounts that will help them save for their child’s future. Even before a child can walk or talk, they will have money saved and growing for their future. As a fourth-generation rancher, I know the importance of passing down the family legacy to the next generation. Trump Accounts are a perfect way for farm families to save for their children,” said Ways and Means Committee Chairman Jason Smith (MO-08). “Along with permanently increasing the death tax exemption, making permanent the small business tax deduction utilized by 98 percent of farms, and lowering the cost of loans for family farmers, the working families tax cuts provide critical relief for America’s farmers and ranchers.” 

READ: How the Working Families Tax Cuts Make Rural America Great Again

The working families tax cuts put more money back into Americans’ pockets in multiple ways:

• Provides a $1,000 savings account to support the future of newborn children.
• Increases by $1,500 per family and makes permanent the doubled standard deduction.
• Makes permanent the lower tax rates from the 2017 Trump tax cuts.
• No tax on tips. 
• No tax on overtime. 
• No tax on Social Security. 
• Boosts the Child Tax Credit to $2,200 and indexes it to inflation.
• Expands access to child care and makes permanent the paid leave tax credit.