Majority Leader | Research | The Leader Board | THE NEWSR...Skip to primary navigation Skip to content×Close THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER THUNE×Close THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER THUNExxsearchxMENUFacebookXInstagramFacebookXInstagramVisit Leader Thune's South Dakota Site Here THE NEWSROOMRemarks Press Releases The Leader Board Op-Eds Videos SENATE RESOURCESRepublican Senators Committees Congressional Record Congress.gov Senate Floor Webcast ABOUT LEADER THUNExxsearchxMENUHomeTHE NEWSROOMThe Leader Board01.28.26The Working Families Tax Cuts’ Trump Accounts Are a New Opportunity to Jumpstart the American DreamWith Contributions From the Federal Government, Companies, and Charitable Donations, Trump Accounts Will Transform Lives, Build Future Financial Freedom, and Increase Financial Literacy for the Next Generation AMERICANS ARE NOW ABLE TO SIGN THEIR CHILDREN UP FOR TRUMP ACCOUNTS, WHICH CAN PROVIDE A $1,000 INVESTMENT FOR NEWBORNS, GIVING THEM A FINANCIAL HEAD START“For the first time ever, we're going to give every newborn American child a financial stake in the future, a head start at life, and a fair shot at the American Dream… We're going to put three to four trillion dollars of wealth into the hands of young Americans who otherwise would have really started out with nothing... Decades from now, I believe that Trump Accounts will be remembered as one of the most transformative policy innovations of all time.” – President Donald Trump“Trump Accounts are not a government program. They are a radically new platform that returns us to a social contract anchored in individual ownership where everyone starts life on an investing journey. By giving each newborn citizen a material stake in the American Dream through Trump Accounts, President Trump is minting future investors on every rung of the economic ladder.” – Secretary of the Treasury Scott Bessent“Tax season is here, and President Donald Trump is pushing for American families to claim their ‘Trump Accounts.’ The Trump administration hosted a Trump Accounts Summit on Jan. 28 in the frigid nation's capital, touting a federal program that will deposit $1,000 into savings accounts for every child born between 2025 and 2028.” (USA Today: Trump administration touts $1,000 'Trump Accounts' at summit – 1/28/26)“As tax season opens Monday, families with minor children have the option to register for Trump accounts — plus a one-time federal government contribution — when filing 2025 returns.” (CNBC: How to open a Trump account during the 2026 tax season — it’s your ‘first opportunity,’ expert says – 1/26/26)“‘This is the first opportunity to claim, but it won’t be the last,’ said Madeline Brown, senior policy associate at the Urban Institute, a Washington, D.C.-based think tank. Starting in mid-2026, you can also make the election online at Trumpaccounts.gov.” (CNBC: How to open a Trump account during the 2026 tax season — it’s your ‘first opportunity,’ expert says – 1/26/26)“Under the ‘Trump accounts,’ children in the United States with a Social Security number born between Jan. 1, 2025, and Dec. 31, 2028, will be given a stock market account with a one-time $1,000 deposit from the Treasury that will grow similarly to individual retirement accounts, or IRAs, according to the IRS.” (The Hill: Treasury to hold summit on Trump accounts – 1/25/26)There are 44 million American families with children under the age of 18 that are eligible for Trump Accounts. (U.S. Department of the Treasury: Trump Accounts Jumpstart the American Dream – 1/22/26)“Parents or guardians can start contributing to accounts starting July 4, 2026, and deposit up to $5,000 per year.” (The Hill: Treasury to hold summit on Trump accounts – 1/25/26)“As part of the $5,000 limit, employers can contribute up to $2,500 per worker per year, which won’t count as taxable income, according to the IRS. This figure also adjusts for inflation after 2027.” (CNBC: Trump accounts get supercharged by employer matches — some companies offer up to $1,000 – 1/25/26)PRIVATE COMPANIES ARE LINING UP TO MAKE CONTRIBUTIONS TO THEIR EMPLOYEES’ KIDS’ TRUMP ACCOUNTS, INCLUDING SOME OF THE LARGEST PHILANTHROPIC GIFTS TO AMERICANS IN HISTORY“So, in essence, it is a trust fund. It is a piece of the American economy for every child, and they will be able to take it out when they’re 18, or they can convert it to a more IRA-type program and keep it for their retirement. This is going to bring a whole group of new investors into the market. We’re going to couple it with a big amount of financial literacy, so that children understand what they own.” – Secretary of the Treasury Scott Bessent“At a briefing on the program, Bessent projected that the $1,000 deposited into a Trump Account by the government when a child is born would grow to over $600,000 by retirement age, assuming that the historic growth rate continues. For families who invest $5,000 each year in the accounts, that sum would grow to $1 million, he added.” (CBS News: Bessent unveils new Trump Accounts website as part of push to encourage saving for children – 12/17/25)“Think of ‘Trump Accounts’ as seed money to encourage children and families to save and build wealth for the many expenses of adulthood.” (USA Today: 'Trump Accounts' for kids just got a $6B boost. How can you claim one? – 12/2/25)“There are no income requirements, and all U.S. families are eligible for the initial seed money. But, in some cases, that is just the half of it. To help fund these savings accounts from the outset, a growing list of companies, including SoFi, Charter Communications, BNY, BlackRock, Investment Company Institute, Robinhood and Charles Schwab, announced they will match the federal $1,000 contribution for employees’ children.” (CNBC: Trump accounts get supercharged by employer matches — some companies offer up to $1,000 – 1/25/26)“JPMorgan Chase and Bank of America said Wednesday in separate releases that the firms will match the U.S. government’s one-time $1,000 contribution to children’s retirement savings accounts for eligible employees, the latest corporations to announce such a measure.” (CNBC: JPMorgan Chase and Bank of America to match $1,000 U.S. contributions to employee ‘Trump accounts’ – 1/28/26)“Michael Dell, chairman and CEO of Dell Technologies, and his wife, Susan, ignited excitement about the accounts among philanthropists in December when they announced a $6.25 billion commitment that The New York Times called ‘one of the largest philanthropic gifts ever to go directly to Americans.’” (Axios: Scoop: Trump to headline summit on Trump Accounts – 1/24/26)“Thanks to the [Dells’] unprecedented gift, the first 25 million American children age 10 and under living in ZIP codes with median incomes below $150,000 will receive an additional $250. This historic act of generosity will give millions of low- and middle-income children an even stronger shot at achieving the American Dream.” (White House: Landmark Dell Gift Supercharges Trump Accounts for America’s Kids – 12/2/25)“Two weeks later, Bessent unveiled a ‘50-State Challenge’ to encourage investment in Trump Accounts. Bridgewater Associates founder Ray Dalio committed $75 million for Connecticut children.” (Axios: Scoop: Trump to headline summit on Trump Accounts – 1/24/26)FROM EDUCATION TO CHILD CARE AND HEALTH CARE, REPUBLICANS’ WORKING FAMILIES TAX CUTS PUT MORE MONEY IN PEOPLE’S POCKETS“Many experts encourage families to accept ‘free money’ from the Treasury, an employer or other sources. But beyond that, families can also weigh other investing options, such as 529 college savings plans and taxable brokerage accounts, among others, depending on their goals and timeline.” (CNBC: Trump accounts get supercharged by employer matches — some companies offer up to $1,000 – 1/25/26)The Trump Accounts “join a crowded field of tax-advantaged savings plans that help Americans navigate the costs of education, health care and retirement, among other things.” (USA Today: 'Trump Accounts' for kids just got a $6B boost. How can you claim one? – 12/2/25)“$124 billion investment in children of low- and middle-income families.” (U.S. Senate Committee on Finance: Crapo Highlights Tax Wins for Hardworking Americans and Main Street – 6/28/25)“The median cost of sending one child to daycare for five years is about $44,000 across the U.S., according to a Wall Street Journal analysis of Labor Department data. Trump’s new tax law expands some tax breaks for child care.” (The Wall Street Journal: Can ‘Trump Accounts’ for Babies Change the Economics of Having a Family? – 12/2/25)“All businesses providing employee child care are eligible for a tax credit, and there are expanded benefits for small businesses with less than $31 million in gross receipts for 2025, according to a resource guide from the U.S. Chamber of Commerce.” (CNBC: Biggest Trump tax cut benefits for small business owners to keep more income on Main Street – 10/5/25)“The new tax law also raised and extended the maximum child tax credit to $2,200 per child for 2025, and scheduled future inflation adjustments.” (The Wall Street Journal: Can ‘Trump Accounts’ for Babies Change the Economics of Having a Family? – 12/2/25)The law also expands the use of tax-advantaged 529 savings accounts that help with the cost of education:“529 accounts were previously limited to K–12 tuition (up to $10,000 per year), but they can now be used for additional expenses such as books, online educational materials, testing fees (e.g., SAT/ACT), dual enrollment fees, tutoring by qualified professionals, and educational therapies for students with disabilities. The annual limit for all K–12 expenses will rise to $20,000 starting January 1, 2026.” (Fortune: New 529 plan rules let Gen Z invest in careers, not just college—and it reflects a seismic shift in education – 7/28/25)“[M]ore people will be able to benefit from the triple tax-advantaged health savings account, or HSA,” “enabling millions more enrollees to open and contribute to HSAs without having to change insurance plans.” (USA Today: A favorite savings tool of financial advisers gets better with 'One Big Beautiful Bill' – 8/9/25; White House: Expansion of HSA Eligibility Under OBBB Act to Improve Marketplace Coverage, Affordability, and Access – 9/26/25)PrintEmailTweetPreviousTHE NEWSROOMSENATE RESOURCESABOUT LEADER THUNEFacebookXInstagram
