Bost promotes Trump Accounts tied to Working Families Tax Cut

FOX23 News at 9 p.m.

WASHINGTON (KBSI) — U.S. Congressman Mike Bost is encouraging Southern Illinois families to enroll in the new Trump Accounts savings program created under the Working Families Tax Cut Act.

According to information shared Thursday by Bost, the program allows parents and guardians to establish retirement-style savings accounts for children under age 18 with valid Social Security numbers.

The program includes a pilot contribution of $1,000 from the federal government for eligible children born between Jan. 1, 2025, and Dec. 31, 2028.

Families can apply through the IRS using Form 4547 and access the program through trumpaccounts.gov.

The Trump Accounts program is part of the Working Families Tax Cut Act, a federal law signed July 4, 2025. The legislation permanently extends several provisions originally included in the 2017 Tax Cuts and Jobs Act while adding new family-focused tax benefits.

According to federal officials, the law includes an increased Child Tax Credit, expanded education savings options, larger standard deductions and tax relief for tipped and overtime workers.

Supporters of the legislation say the law is designed to increase take-home pay and reduce tax burdens for working and middle-income families.

Bost says the new savings accounts are intended to help families build long-term financial security for children.