Chairman Smith: Transformational Trump Accounts Will Now Reach Millions More Children
WASHINGTON, D.C. – 73 million children will be enrolled in Trump Accounts by the end of this year under new automatic enrollment procedures established by the U.S. Department of the Treasury and the Internal Revenue Service (IRS).
Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement:
“Republicans fought to include Trump Accounts in the Working Families Tax Cuts because we knew they would be transformational for America’s children. A child’s future should not depend on whether a parent can find the right tax form or has the time to fill it out. Too often, working families are denied opportunities to get ahead because of burdensome paperwork and red tape. Automatic enrollment in Trump Accounts will make it easier for all children to get a head start – whether they grow up on a country road or a city block.
“By age 18, Trump Accounts – which in many cases are eligible for a $1,000 seed investment – can help fund a trade, a college education, a first home, or retirement. And with more than 100 companies, foundations, individuals, and states having announced contributions to Trump Accounts, communities across the country are investing in the next generation. Thanks to the Working Families Tax Cuts, every American child has the opportunity to start building wealth early and gain a stake in the future success of our nation’s economy.”
How automatic enrollment works:
- The Treasury Department will open a Trump Account for eligible children automatically, so parents no longer have to file a form to get one started. Parents can then claim their child’s account and opt into the $1,000 seed contribution.
- Families’ tax information stays private. Investments are managed together in one fund, and the trustee handling them never sees any child’s personal tax records.
- Charities and state and local governments can make donations to be split evenly among large groups of children, such as all kids born in a certain year or a certain zip code.
READ: Chairman Smith: Working Families Tax Cuts Lowers the High Cost of Raising a Family
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
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