[Congressional Record Volume 172, Number 119 (Tuesday, July 21, 2026)]
[Senate]
[Pages S4166-S4167]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                      Working Families Tax Cut Act

  Mr. THUNE. Mr. President, every parent wants to give their kids a 
better life than they had. So parents spend a lot of time making sure 
their kids are ready when opportunity comes their way. In many cases, 
that involves putting money aside for their future.
  Opportunity is one of the pillars of Republicans' Working Families 
Tax Cut. That means both creating opportunity and helping more 
Americans to seize those opportunities to get ahead. And one of the 
ways this bill does that is by helping parents to save and invest in 
their children's futures. That starts with lower tax bills so parents 
can keep more of their hard-earned money.
  And on top of that, we made it easier for parents to support their 
kids' dreams with things like the bill's new Trump Accounts. These new 
tax-advantaged investment accounts can be a powerful tool for parents 
and other family members to give the next generation a brighter future 
because Trump Accounts can be used for a broad array of expenses.
  Money from a Trump account can go toward education expenses, buying a 
first home, starting a business, or buying the family farm or ranch 
when the time comes. Kids can even opt to use the accounts as 
retirement savings when they reach adulthood, a financial priority for 
every American. Trump Accounts will help bring big dreams closer within 
reach.
  Parents of children born between 2025 and 2028 can opt in to receive 
an initial $1,000 balance in their Trump Account from the government. 
On top of that, numerous companies have already made pledges to 
contribute to the Trump Accounts for their employees' children, and 
some philanthropists have made similar commitments.
  Plus, as I indicated earlier, any member of the family can contribute 
to a Trump Account. So an aunt or an uncle, grandma or grandpa can add 
money to a Trump Account as a birthday gift or Christmas gift, further 
boosting the amount a child will have available when he or she reaches 
young adulthood. Even $20 per month can build to a substantial sum of 
money by the time a baby born this year turns 18.
  And the Trump Accounts app even includes modules and other resources 
for parents and children to learn about investing and grow their 
financial literacy, which will help them throughout their lives.
  Trump Accounts are a significant tool for parents and their kids. But 
it is far from the only thing that we did in this bill to help the next 
generation get a headstart on their American dream.

  The Working Families Tax Cut also made some significant improvements 
to the traditional 529 education savings plan, allowing those savings 
to be used for a greater variety of education expenses: tutoring, home-
school materials, and vocational and continuing education. Plus, we 
doubled the withdrawal limit for 529s to $20,000 per year.
  Mr. President, I am also proud of how the Working Families Tax Cut 
strengthens pathways to meaningful career options for the next 
generation.
  On the higher education side, we implemented accountability and 
reforms to put downward pressure on the cost of college degrees. We 
also made permanent a policy I authored that allows employers to pay 
off a portion of their

[[Page S4167]]

employees' student loans without the employee having to pay taxes on 
the repayment amount.
  For Americans who are interested in learning a skilled trade, this 
bill is transformative. As I mentioned, it allows 529 savings to go 
toward vocational education.
  It also created the Workforce Pell Program, which will provide 
financial assistance to Americans in shorter term skills and career-
training programs--whether they are just starting out or looking to 
switch careers or develop new skills in their current field.
  States are just beginning the process of identifying programs that 
will qualify for Workforce Pell, and it is already generating 
excitement. One community college president in New York said of 
Workforce Pell: ``The potential is absolutely huge.''
  Another community college administrator in Oregon hailed how 
Workforce Pell will provide assistance for the college's truckdriving 
certificate program, a popular program that leads to high-paying jobs 
but for which financial aid is hard to come by. Workforce Pell will 
change that.
  And Workforce Pell will also be a game changer for midcareer 
professionals. As Colette Atkins, who works at Kirkwood Community 
College in Iowa, said, ``we have students that are working already, and 
they can't step away for 2 years, but can they step away to do that 8 
to 15 weeks to get that training? They sure can. And now there's 
financial support to help them do that.''
  Suffice it to say, Workforce Pell will open new pathways and create a 
lot of opportunities for a lot of Americans, and it is getting started 
thanks to the Working Families Tax Cut.
  Putting more money in Americans' pockets, helping them seize 
opportunities to get ahead, and creating new pathways to success--that 
is the Working Families Tax Cut at work.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The senior assistant bill clerk proceeded to call the roll.
  Mr. SCHUMER. I ask unanimous consent that the order for the quorum 
call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.