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I am thrilled that Congress passed President Trump’s landmark legislation to deliver historic tax relief for hard working Riverside County taxpayers this year. Thanks to the Working Families Tax Cuts, real wages are finally growing faster than prices. I’m working to keep your hard-earned dollars in YOUR POCKET instead of with the Washington bureaucrats.
This pro-growth and pro-America legislation will lower Californians taxes through:
- No tax on tips
- No tax on overtim
- Enhanced Child Tax Credit
- Additional tax deduction for seniors over 65
- Increased standard deduction
- Making permanent the significant tax cuts from 2017
Thanks to the work of President Trump and House Republicans, the Working Families Tax Cuts created Trump Accounts to jumpstart the American Dream for every child.
For any child born between 2025 and 2028, the government will invest $1,000 in their account leading to tax-free growth, and your child having a real stake in our country’s future.
What is a Trump Account?
Families get $1,000 for every American child born between January 1, 2025, and December 31, 2028.
The account is fully in the child’s name, and parents are the sole custodian until they turn 18.
No contributions are necessary, but families can deposit up to $5,000 per year to maximize growth.
Learn more at trumpaccounts.gov.
How do I enroll?
Make an election when you file your taxes.
A financial institution will receive your funds and activate your account.
Sit back and watch the money grow. Contribute anytime (or not).
Compounding
Let’s talk about the power of the Working Families Tax Cuts.
If we just leave that $1,000 Trump Account seed (given to any child born between 2025 and 2028) alone in the American market, here is what the "miracle of compounding" looks like for your child:
- Birth: $1,000 (The Jumpstart)
- Age 18: ~$5,500 (A starter nest egg)
- Age 30: ~$17,500 (A down payment)
- Age 65: ~$450,000+ (A secure retirement)
A whole life secured from $1,000.
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