“One of the biggest legacies of [Trump’s] presidency.”

WASHINGTON, D.C. – Drawing on his own upbringing, Ways and Means Committee Chairman Jason Smith (MO-08), during a Government Leaders Panel at the Trump Accounts Summit, described how limited opportunity can shape a child’s future and how the new Trump Accounts, passed in the Working Families Tax Cuts, will change that reality by delivering a transformational investment for kids in every zip code.

Chairman Smith: “I was raised in a single wide trailer for most of my life, until we upgraded to a double wide. And my hometown that I still live in today, the average income for an individual is less than $26,000 a year. And so when you look at that, this is the opportunity for those kids. It doesn’t matter if you live on a city block or a county road, you’re going to have this investment, and it will be transformational…Trump Accounts are going to be the most transformational coming from what we were able to deliver, and Americans’ lives are going to be affected in such a positive way for generations.”

Chairman Smith also shared how many late nights of debate and hard work by members of Congress combined with a decisive, last-minute push from President Trump helped ensure that Trump Accounts would be included in the Working Families Tax Cuts and solidify one of the President’s biggest legacies during his second term.

Chairman Smith: “Without a doubt, President Trump’s push and involvement for these Trump Accounts are the only reason why they ultimately made it in the big, beautiful, bill in the House of Representatives…We had to really thread a needle, and we put in more than 60 hours over at the Library of Congress, the Ways and Means Republicans debating and building consensus in all different provisions…We had the discussion on the Trump Accounts, and I was able to tell my members of the committee, this is a priority. This is a priority of President Trump…This is transformational in the lives of every single American, and so without a doubt, it would have never happened without President Trump weighing in, and that will be, I think, one of the biggest legacies of his presidency.”

Signed into law on July 4, 2025, as part of the Working Families Tax Cuts, Trump Accounts allow parents, guardians, or other custodians to establish a new type of tax-advantaged individual savings and investment account for their children. As part of a special pilot program, every American child born between January 1, 2025, and December 31, 2028, is eligible to receive an automatic $1,000 deposit from the U.S. government into their Trump Accounts, giving every newborn a stake in the future success of the American economy. Parents can also contribute up to $5,000 per year and employers up to $2,500 per year.

Background

• Trump Accounts give millions of American children, regardless of background, a share of the American economy and a personal stake in the future success of our country.
• Children born between January 1, 2025, and December 31, 2028, are eligible to receive $1,000 from Treasury as a pilot program contribution.
• In addition to the pilot program, parents can contribute up to $5,000/year, and employers up to $2,500/year.
• State, local, and tribal governments, as well as charities can also contribute.

Visit here for more information on Trump Accounts.