WORKING FAMILIES TAX CUT ACT

On 2026-06-09, Senator John Barrasso (R-WY) delivered a floor speech titled "WORKING FAMILIES TAX CUT ACT" in the Senate.

WORKING FAMILIES TAX CUT ACT

Congressional Record, Volume 172 Issue 97 (Tuesday, June 9, 2026) [Congressional Record Volume 172, Number 97 (Tuesday, June 9, 2026)] [Senate] [Pages S2672-S2673] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] WORKING FAMILIES TAX CUT ACT Mr. BARRASSO. Mr. President, the Working Families Tax Cut law has put more money in people's pockets and pocketbooks. It made a real difference when people filed their taxes this year. Refunds went up; taxes went down. Working families kept more of the money that they had earned. Over 60 million American families have benefited from at least one of the new tax cuts that the Republicans passed this past year. Over a million Americans benefited from no tax on car loan interest--average deduction $1,800. Over 7 million Americans benefited from no tax on tips--average deduction $7,000. Twenty-nine million Americans benefited from no tax on overtime-- average deduction there $3,100. Thirty-five million Americans benefited from the senior deduction on Social Security--average deduction there $7,500. And that is not all, 40 million American families benefited from the child tax credit. They were able to deduct $2,200 for each of their children. The Department of Treasury confirmed that about 97 percent of Americans received a tax cut this year. People who benefited the most were Americans earning less than $200,000 a year. Every single Democrat in this [[Page S2673]] Chamber, every single one of them, voted against every one of these popular tax cuts. The Democrats, what did they vote for? They voted for raising taxes by $4 trillion. It would have been the largest tax increase in American history. That is what the Democrats stand for. Higher taxes, less money in people's pockets, more money in the coffers of the government. Now, this is the fundamental difference between Republicans and Democrats. Democrats want to raise your taxes; Republicans want you to keep more of your hard-earned money. Some of the biggest benefits of the Working Families Tax Cut law are still ahead. I know many people worry about the future, especially if they have children. They want their children to get ahead, not just get by. That is why we have created Trump accounts as part of the Working Families Tax Cut law. They are brand new, and they are investment accounts. And on July 4, Trump accounts go live. Accounts for newborn children, children born this year, start with a thousand dollars already in the account. Children own the account. Parents or trusted guardians are the custodians. Accounts work like a traditional individual retirement account. They are built to kick-start the American dream for that next generation coming behind us. Beginning the 4th of July, every child's Trump account will be able to accept additional contributions on top of the thousand dollars that they start with, and that can be up to $5,000 each year. Parents, family members, grandparents, churches, community groups, and even employers can contribute--and many are committed to do so. Announcements have already been made. Michael Dell the CEO of Dell Technologies, he has pledged to contribute $6 billion to Trump accounts for all American children. In Wyoming, I am grateful that the cryptocurrency exchange Kraken has committed to make a contribution to the Trump account for every child born in Wyoming this year. Other companies are talking about following suit around the country. Other businesses are following their lead, so are community groups; so are churches. So imagine this, years from now your son or daughter walks into the bank and they use their Trump account to put the downpayment on their first home or your son or daughter starts that small business they have been dreaming about using the Trump account or they simply let the investment continue to grow until they retire. This is the future that Trump accounts are built to deliver to the American people. The best part is these accounts are easy to set up, easy to track, easy to use. Signing up for a Trump account is free and it is simple. Six million children have already been signed up for Trump accounts. I have spoken with several people who have gone through the signup process; they say it took less than 5 minutes. Trump accounts put children's financial future where it should be: directly into the hands of the American people. They give that next generation something we all would like, a headstart on the future that no one can take away. This is the essence of the Trump accounts. It is one of the important prospects for the future that we foresaw and put into the Working Families Tax Cut law that every Democrat voted against. So independence for all these Americans begins on the 4th of July. I yield the floor. I suggest the absence of a quorum. The PRESIDING OFFICER. The clerk will call the roll. The senior assistant legislative clerk proceeded to call the roll. The PRESIDING OFFICER. The Democratic whip. Mr. DURBIN. Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. The PRESIDING OFFICER. Without objection, it is so ordered. ____________________