Trump Accounts for All Generations

Summary#

This bill would change the Internal Revenue Code to make the "Trump Accounts" contribution pilot permanent and to add an annual inflation adjustment to the $1,000 contribution amount. The bill removes the phrase that limited the pilot to before January 1, 2029, and adds a new provision that increases the $1,000 amount for taxable years beginning after 2028 using the cost-of-living adjustment in section 1(f)(3), with a specific substitution of calendar year 2027 for 2016. If an increase is not a multiple of $100, it is rounded down to the next lowest $100. The bill also makes several conforming edits to remove the word "pilot" from related section headings and references. The changes would apply to taxable years beginning after December 31, 2026.

What it means for you#

• If you use or contribute to the Trump Accounts contribution program, the program would no longer be set to expire in 2029. It would be permanent.
• The $1,000 amount in the program would be increased for years after 2028 by a cost-of-living adjustment. Increases would be rounded down to the nearest $100 when needed.
• The bill text does not describe who is eligible for the accounts or how contributions are made. No publicly available information is provided in this bill text about program rules, eligibility, or the practical steps for contributors.

Expenses#

No publicly available information in the bill text about estimated federal costs, revenue effects, or budgetary impact. The bill does not include a cost estimate or score.

Proponents' View#

The bill was introduced by Rep. Adrian Smith (and several other Members listed as sponsors) to make the Trump Accounts contribution pilot permanent and to add an inflation adjustment to the $1,000 amount.

Opponents' View#

No publicly available information in the bill text about objections, opposing views, or official critiques.