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Congressional Daily Record
This section covers nominations, confirmations, or other executive branch business. It mentions members such as John Peter Ricketts.
Official title: Working Families Tax Cuts Act (Executive Session)
Issued
June 24, 2026
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Download official Senate Record PDFReturn to issue contextMr. RICKETTS. Mr. President, our country was founded on the belief that all Americans have the right to pursue life, liberty, and happiness. It is fundamental to who we are as Americans, and these are the building blocks of the American dream. We live in a nation of opportunity. We live in a nation that enables kids to have it better than their parents. We live in a nation that believes that hard work leads to success. For over 250 years, people from all backgrounds have been able to work hard and achieve the American dream.
Here, in the U.S. Senate, I am fighting to renew the American dream.
colleagues is in the Working Families Tax Cut that we passed last year. The Working Families Tax Cut invests in American families and in American children. It invests in the next generation. With my Senate colleagues on the Republican side, we are building a path for another 250 years of opportunity for this great Nation and for the children and families of this great Nation.
The Working Families Tax Cut was great for families. One of the ways that it was great for families and for Nebraskans in my State is with the Trump Accounts that were part of that overall package. These are investment accounts that will kick-start the American dream for kids all across this Nation. You can download the app right now.
start opening up these accounts. All American kids under the age of 18 will be eligible to have one of these accounts. And those born between January 1, 2025, and December 31, 2028, will also be able to enroll and automatically have $1,000 put into their account, courtesy of the U.S. Treasury, to be able to help kick-start that American dream.
the children will own them. And when those kids turn 18, they will be able to take possession of those Trump Accounts.
These accounts work like traditional retirement accounts. Up to $5,000 a year can be put into these accounts—these Trump Accounts—and it can come from your parents, your grandparents. It can come from communities, come from churches, come from governments, come from nonprofits. Employers can contribute and help build that foundation for those young people to be able to achieve the American dream.
Many have already committed to contributing to Trump Accounts. For example, Michael and Susan Dell have donated $6.25 billion to the first 25 million American kids who sign up for these accounts who also reside in ZIP Codes with median incomes below $150,000. That means that each one of those kids will get about $250 on top of the thousand dollars that the Treasury is putting in.
Charles Schwab has said he will match the government's $1,000 with another $1,000 for all the people who work at his company.
working together with the U.S. Government to be able to kick-start young people's American dreams through these Trump Accounts.
accounts for all the foster kids in Nebraska. These Fostering the Future Accounts will work just the same, making sure that young Nebraskans in foster care have a little extra financial help. This money is so that these young Nebraskans can put it toward college, buying their first home, or starting a business.
For children whose accounts start with $1,000, additional contributions will not be required. The accounts will still grow, and these accounts will help launch those kids into their future.
expansion of the child tax credits. In the Working Families Tax Cut, we increased that child tax credit to $2,200 and made it permanent. It was set to fall to $1,000, but Senate Republicans made it permanent and took it up.
The child tax credit will benefit over 239,000 Nebraska families. Increasing the child tax credit allows these families to have more money in their pockets, and we want to encourage Americans to work hard and support their families. This is what keeps the American dream alive.
and dependent tax credit. We increased the maximum credit from 25 percent up to 50 percent, and we took the increased tax deduction up from $5,000 to $7,500.
based on legislation from Senator Deb Fischer. This will encourage our businesses to offer that benefit to families all across the Nation.
created new credits for small businesses to be able to create childcare at work.
expired in 2025. These accounts help individuals with disabilities to save and invest through tax-free savings, without losing eligibility for Federal programs like Medicaid and Supplemental Security Income.
single Democrat—every single one—voted against these provisions that would help young Americans be able to achieve the American dream. Every single Democrat voted against it.
Senate Republicans, by contrast, are fighting in the U.S. Senate to renew opportunity for our kids' futures and supporting families in our country. We are encouraging and supporting the American dream, and we are making it possible for the good life to be more attainable for all Nebraskans.
I yield the floor.
The PRESIDING OFFICER (Mr. Sheehy). The Senator from Delaware.