In the Working Families Tax Cuts that I authored, of all the provisions included, I truly believe the creation of Trump Accounts will be the most transformational for our country.
As someone who grew up in a single-wide trailer, I know firsthand what this will mean to millions of working-class families like mine whose children will now get a head start in life. Regardless of whether a kid grows up on a city block or a county road, they will now have a financial foundation waiting for them when they turn 18 to learn a trade, start a business, or buy a home.
Additionally, for children born between January 1, 2025, and December 31, 2028, the federal government will seed these accounts with a one-time $1,000 contribution. Eighteen years ago, just $1,000 put into the S&P 500 would be worth $7,800 today. That’s the power of compound interest. In addition to this head start for newborns, more than 100 companies, foundations, and generous individuals have pledged to contribute or are contributing to Trump Accounts, including a $6.25 billion pledge from Michael and Susan Dell to support millions of children in middle- and low-income families — one of the largest private direct investments in families in American history.
The families of more than 7 million children have already opened Trump Accounts for their kids, and this week the Treasury Department made an outstanding decision when they announced they will automatically enroll all 73 million children in a Trump account. This ensures that children whose parents haven’t heard about Trump accounts won’t be left behind, and will still have an opportunity to claim their account in the future.
Just as important, every one of these children now owns a piece of the American economy. The Democrat Party has been taken over by socialists who tell young people that government handouts and more government control are the solution to all of our nation’s problems. A Trump Account teaches the opposite. The benefits of capitalism are undeniable when you own a piece of it, and a kid who watches a balance grow year after year learns that early.
Time does most of the work, and families have plenty of ways to help it along. Parents can contribute up to $5,000 a year, and employers can add up to $2,500 without it counting toward the worker’s taxable income. Families can visit TrumpAccounts.gov for more information and can claim their child’s account through the official Trump Accounts app.
Trump Accounts give every child a stake in the economy, and it puts families in charge instead of Washington. I wrote the Working Families Tax Cuts with children from southeast Missouri in mind, and I’m going to continue fighting for them.
