Grassley Touts Economic Success of Working Families Tax Cuts Act, Praises Trump Accounts for Young Americans

Floor Remarks by Senator Chuck Grassley of Iowa Senate President Pro Tempore “Working Families Tax Cuts Act – Trump Accounts” Wednesday, September 23, 2026 VIDEO Last year, my Republican colleagues and I enacted the Working Families Tax Cuts Act , which prevent[ed] the largest tax hike in our nation’s history. Not a single Democratic senator voted for it. This bill makes permanent tax reforms that were enacted in 2017 , and expanded on that 2017 tax bill, allowing taxpayers to keep more of their hard-earned money. This included provisions that reduced the tax bills of individuals and families, as well as pro-growth tax policies critical to boosting domestic business [investment] and employee wages. Without the 2025 tax bill, we would have had the largest tax increase in the history of the country. Now, this Working Families Tax Cuts Act also fulfilled President Trump’s campaign promises to have no tax on tips, no tax on overtime and expanded tax relief for our senior citizens. It also increased and indexed the Child Tax Credit (CTC), and it allowed for the deduction of interest on car loans. Truly, this is a Working Families Tax Bill cut. But a great new tax exemption was created to encourage savings, and particularly to start at an early, young age. The law has in it an innovative new savings tool for children under 18, called “Trump Accounts.” These new savings accounts opened for contributions on July 5th. And according to the White House, over the next five days, families invested $125 million in these new accounts for children. In addition to family contributions, there’s over 50 companies committing to offer Trump Account contributions for children of their own employees. Moreover, a growing list of philanthropists and nonprofits are pledging to make donations to Trump Accounts. Just as one example, Michael and Susan Dell have pledged to contribute $250 to the first 25 million accounts established for children 10 and under. The Working Families Tax Cuts [Act] is lowering tax bills. It’s, at the same time, invigorating the economy, and at the same time, helping a new generation build financial security. -30-