WASHINGTON, D.C. – The Working Families Tax Cuts are giving millions of American children a head start on saving for their future. Treasury Secretary Scott Bessent recently announced that enrollment in Trump Accounts – a new type of tax advantaged individual savings and investment account established under the Working Families Tax Cuts to begin building financial security for America’s children beginning at birth – has already reached 7 million children. Eighty-six percent of those accounts belong to families earning less than $200,000 a year – proof that this investment is reaching the families who need it most.
“Republicans created Trump Accounts so every child born in this country gets a real stake in the American Dream from day one,” said Ways and Means Committee Chairman Jason Smith (MO-08). “Seven million children enrolled in just the first few weeks shows families recognize how transformational this opportunity is for their kids. It doesn’t matter if a child is born on a city block or a county road, they now have a strong investment to share in the future prosperity of our country. The Working Families Tax Cuts made a historic investment in the next generation, and we’re going to keep expanding opportunities so every American child can build a stronger financial future and achieve the American Dream.”
By the numbers:
- 86 percent of enrolled accounts belong to families earning less than $200,000 annually.
- All U.S. citizens under 18 are eligible to open a tax advantaged Trump Account.
- In addition to the $1,000 pilot contribution eligible American newborns can receive from the federal government, parents can contribute up to $5,000 per year and employers up to $2,500 per year.
- State, local, and tribal governments, as well as charities can also contribute.
READ: Chair Smith: Trump Accounts are Transformational for America’s Children
READ: Big, Beautiful Success Story: Trump Accounts Give Farm Kids A Stronger Start in Life