Trump Accounts Will Kickstart the American Dream for the Next Generation

“Some of the biggest benefits of the Working Families Tax Cuts law are still ahead. I know many families worry about the future. They want their children to get ahead, not just get by… Trump Accounts put a child’s financial future directly into the hands of every American family.” WASHINGTON, D.C . – Senate Majority Whip John Barrasso (R-Wyo.) today highlighted how Trump Accounts will help kickstart the future of American children. Trump Accounts were created by Republicans through the Working Families Tax Cuts law. Senator Barrasso also shared an analysis from the Treasury Department about the benefits of the Working Families Tax Cuts. The data shows that 97% of Americans received a tax cut this year, with the biggest benefits going to middle-class families. Click HERE to watch Senator Barrasso’s remarks. “The Working Families Tax Cuts law put more money into people’s purses and pockets. It made a real difference when people filed their taxes this year. Refunds went up. Taxes went down. Working families kept more of what they earned. “Over 60 million Americans benefited from at least one of the new tax cuts. 1.4 million Americans benefited from No Tax on Car Loan Interest. Their average deduction was $1,800. “7.5 million Americans benefited from No Tax on Tips. Their average deduction was $7,000. “29 million Americans benefited from No Tax on Overtime. Their average deduction was $3,100. “35 million Americans benefited from the Senior Deduction on Social Security. Their average deduction was $7,500. “And that’s not all. 40 million American families benefited from the Child Tax Credit. They deducted $2,200 for each of their children. “The Department of Treasury confirmed 97 percent of Americans received a tax cut this year. The people who benefited the most were Americans earning less than $200,000 per year. “Every single Democrat in this chamber voted against every single one of these tax cuts. Democrats voted to raise taxes by $4 trillion. This is the fundamental difference between Republicans and Democrats. Democrats want to raise taxes. Republicans want you to keep more of your hard-earned money. “Some of the biggest benefits of the Working Families Tax Cuts law are still ahead. I know many families worry about the future. They want their children to get ahead, not just get by. That’s why we created Trump Accounts. These are brand-new, tax-advantaged investment accounts. “On July 4, Trump Accounts go live. Any child can have a Trump Account. Accounts for newborn children start with $1,000. Children own the account. Parents or trusted guardians are the custodians. Accounts work like a traditional Individual Retirement Account. They are built to kickstart the American Dream for the next generation. “Beginning July 4, every child’s Trump Account will be able to accept additional contributions of up to $5,000 each year. Parents, family members, churches, community groups, and even employers can contribute, and many have committed to do so. “Michael Dell, who is the CEO of Dell Technologies, has pledged to contribute $6 billion to the Trump Accounts for American children. In Wyoming, I’m grateful that the cryptocurrency exchange Kraken has committed to make a contribution to the Trump Account of every child in Wyoming born this year. Other businesses are following their lead. So are community groups. So are churches. “Imagine this. Twenty years from now, your son or daughter walks into the bank and they use their Trump Account to put a down payment on their first home. Or your son or daughter starts the small business they’ve always dreamed of. Or they simply let the investment continue to grow until they retire. That is the future Trump Accounts are built to deliver. “The best part is accounts are easy to set up, easy to track, and easy to use. Signing up for a Trump Account is free and simple. Six million children have already been signed up for Trump Accounts. I’ve spoken with several people who have signed up. They said it took them just minutes to do. “Trump Accounts put a child’s financial future directly into the hands of every American family. They give the next generation something we all would like: a head start no one can take away. This is the essence of Trump Accounts. And that independence starts on the Fourth of July.” ###