Smith Introduces Bill to Secure a Strong Financial Start for Future Generations

Today, Congressman Adrian Smith (NE-03) led his colleagues in introducing the Trump Accounts for All Generations Act to permanently extend the Trump Accounts contribution pilot program, created by the Working Families Tax Cuts, which is set to expire at the end of 2028. Smith's legislation would ensure that every future American newborn can receive the $1,000 investment when opening a Trump Account while also indexing the $1,000 investment to inflation beginning in 2029.

The legislation is also co-led by U.S. Representatives Blake Moore (UT-01) and Brian Jack (GA-03).

"The Trump Account contribution pilot program opened the door for parents to provide their children with a strong financial foundation from day one. But this historic investment is at risk of disappearing after President Trump leaves office. I introduced the Trump Accounts for All Generations Act to ensure that every future generation of Americans can have a strong financial start in life,"said Smith.

"One of the most significant policies we enacted in the Working Families Tax Cuts was the creation of investment accounts for every American child. Trump Accounts will set our children up for financial stability and the $1,000 federal contribution for newborns will jumpstart their savings. I was proud to lead the original legislation that launched the program and I'm excited to introduce the Trump Accounts for All Generations Act to make this federal investment permanent for generations to come," said Moore.

"On Independence Day 2025, President Trump enacted one of the most significant laws in American history: the Working Families Tax Cuts, delivering the largest tax cut in American history and establishing the foundation for Trump Accounts. I am proud to support the Trump Accounts for All Generations Act, which would make these tax-advantaged savings accounts permanent and ensure the next generation of Americans has the tools to build wealth, pursue opportunity, and create a better future for themselves and their families. I commend President Trump for his leadership, and I look forward to advocating for this legislation throughout the Congressional process," said Jack.

BACKGROUND:

Under the Working Families Tax Cuts, Republicans created an opportunity for parents, guardians, and other authorized individuals to establish a new tax-advantaged savings account for their children, called Trump Accounts, with the ability to contribute up to $5,000 annually.

In addition to creating the Trump Accounts, Republicans authorized a pilot program contribution of $1,000 for any child who is a U.S. citizen with a valid Social Security number born between January 1, 2025, and December 31, 2028.

The Trump Accounts for All Generations Act would make the $1,000 Trump Account contribution permanent and index the investment to inflation starting in 2029.

Click here to read the full text of the bill.