Thune: Trump Accounts Set Kids Up for Success

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WASHINGTON - U.S. Senate Majority Leader John Thune (R-S.D.) today delivered the following remarks on the Senate floor:

Thune's remarks below (as delivered):

"Mr. President, as of tomorrow, we will be one month away from the opening date for Trump Accounts.

"These are new, tax-advantaged investment accounts for children created by Republicans' Working Families Tax Cuts.

"And as of a few days ago, parents can now download the new app for Trump Accounts.

"The app will allow parents to track current and projected account balances.

"Schedule automatic account contributions - whether that's $20 a month, or $200 a month.

"And, eventually, choose among multiple broad-based investment accounts, all designed to make investment easy.

"The app also offers several modules to educate children and parents on investing and to boost financial literacy.

"Mr. President, Trump Accounts, as I said, were created as part of Republicans' Working Families Tax Cuts law.

"We call it the Working [Families] Tax Cuts for a reason, Mr. President - because that's who we were focused on with this legislation.

"We prevented a massive tax hike on Americans making less than $400,000.

"Made lower tax rates for hardworking Americans permanent.

"Increased the child tax credit, which we had already doubled in 2017.

"Implemented no tax on tips and no tax on overtime to give American workers a further break on their taxes.

"Instituted a new bonus deduction for seniors.

"And more.

"All of these measures were designed to help everyday Americans and to make life a little easier for working families and help put their dreams within reach.

"Trump Accounts are a part of that.

"These tax-advantaged accounts were designed to allow parents to save for their children's future beyond their education: to give kids a nest egg, whether large or small, to help them buy a home or start a business - to help them pursue their American dream.

"And if kids choose not to withdraw money once they reach adulthood, they can use these accounts as retirement savings - a financial priority for every American.

"Mr. President, to get savings started for a lot of families, kids born between 2025 and 2028 will receive a free $1,000 for their Trump Account should their parents choose to open one and opt in to the money.

"That money alone will grow over a kid's childhood.

"And then, of course, parents will be able to add as desired - anywhere from a few dollars to up to $5,000 a year.

"And parents are not the only ones who can make contributions.

"Employers will be able to contribute to Trump Accounts for their employees' kids.

"And multiple philanthropists are also offering initial contributions for a lot of American children.

"All of this is designed to give kids a leg-up in the world of savings and investment - and, as I said, a head start on their American dream.

"Mr. President, musician Nicki Minaj attended a Trump Accounts summit with the president a few months ago.

"She grew up in a housing project in a family that faced its share of financial struggles, and now she's raising her own family.

"And she has said of the Trump Accounts, and I quote, 'This program will benefit everyone, decreasing the gap for future prosperity between children who traditionally aren't born with a full bank account and children who are.'

"'… decreasing the gap for future prosperity between children who traditionally aren't born with a full bank account and children who are.'

"Increasing opportunity.

"Opening new paths to prosperity.

"Ensuring that working families can keep more of their hard-earned money.

"That, Mr. President, is Republicans' mission - and the goal of the Working Families Tax Cuts.

"I'm proud that working families are benefiting.

"And I look forward to seeing the opportunities that will be unlocked next month when Trump Accounts kick off."

Permalink: https://www.thune.senate.gov/public/index.cfm/2026/6/thune-trump-accounts-set-kids-up-for-success