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Congressional Daily Record
This section covers nominations, confirmations, or other executive branch business. It mentions members such as John Thune.
Official title: Working Families Tax Cut Act (Executive Calendar)
Issued
July 21, 2026
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Download official Senate Record PDFReturn to issue contextMr. 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.
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.
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.
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.
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.
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.
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.
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.
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
bill is transformative. As I mentioned, it allows 529 savings to go toward vocational education.
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.
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.”
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.
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.”
lot of opportunities for a lot of Americans, and it is getting started thanks to the Working Families Tax Cut.
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.