Senator Ricketts’ Weekly Column: 250 Years of the American Dream

Our country was founded on the belief that all Americans have the right to life, liberty, and the pursuit of happiness.  These building blocks make the American Dream possible.  We live in a nation of opportunity.  A nation that enables kids to have it better than their parents.  A nation that believes that hard work leads to success.  For the last 250 years, Americans from all backgrounds have achieved their American Dream.

In the Senate, I’m fighting to renew the American Dream.  The Working Families Tax Cuts invests in American families and the next generation.  With my Senate Republican colleagues, we’re building a path for 250 more years of the Good Life in Nebraska.

The Working Families Tax Cuts was great for families. One of the ways we’re supporting Nebraskans is with the new Trump Accounts.  These investment accounts will kickstart the American Dream for our kids.  You can download the app now.  Starting on the Fourth of July, Nebraskans will be able to start opening these accounts.

All American kids under the age of 18 are eligible for a Trump Account.  Those born between January 1, 2025, and December 31, 2028, will be able to enroll in accounts that will automatically have one thousand dollars deposited.  This investment will be provided by the U.S. Treasury.  Parents and guardians will be the custodians of the accounts, but kids will own them.  At 18, the Trump Account is theirs.

These accounts will work like a traditional Individual Retirement Account.  Up to $5,000 a year can be deposited into a Trump Account.  Parents, family members, churches, community groups, non-profits, and even employers can contribute.  Many have already committed to contributing.

For example, Michael and Susan Dell donated $6.25 billion.  Thanks to the Dell’s unprecedented gift, the first 25 million American children age 10 and under living in ZIP codes with median incomes below $150,000 will receive an additional $250.  Charles Schwab will match the government’s $1,000 investment for families that work for them. Our state government will also open accounts for all foster kids in Nebraska.  These “Fostering the Future” Accounts work just the same, making sure young Nebraskans in foster care turn 18 with a little extra financial help.

This is money that young Nebraskans can put toward college, buying their first home, or starting a business.  For the children whose accounts will start with $1,000, additional contributions are not required.  The accounts will still grow.  As these accounts launch, we will provide more details.

Another way we are investing in our children and families is with the expansion of the Child Tax Credit.  Without The Working Family Tax Cuts, the Child Tax Credit was set to decrease by $1,000.  But Senate Republicans increased the Child Tax Credit to $2,200 a year per child and made it permanent.  This will benefit over 239,000 Nebraska families.  Increasing the Child Tax Credit allows families to have more money in their pockets.  We want to encourage Americans to work hard for their families.  This is what keeps the American Dream alive.

The Working Families Tax Cuts also provided an increase in the child and dependent tax credit.  We increased the maximum credit rate from 25% to 50%.  We also increased the tax deduction from $5,000 to $7,500 for dependent care.  We made the first-ever permanent Paid Family Medical Leave credit, based on legislation from Senator Deb Fischer.  We expanded tax credits for employer-provided childcare and created new credits for small businesses.  We also extended the ABLE accounts, which otherwise would have 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 (SSI).

These are real investments in American families and the next generation.  But every Democrat — every single one — voted against these provisions.  Senate Republicans are renewing opportunity for our kids’ futures and supporting our working families.  We’re encouraging and supporting the American Dream.  We’re making the Good Life more attainable for all Nebraskans.

My team and I are here to serve you.  Contact us anytime by phone at 202-224-4224.  You can also view my website at https://www.ricketts.senate.gov/contact.