2026 Legislative Session Update with Rep. Jim Thorne
House District 35 – Carmel and Hermon
Investing in Our Children’s Future
One of the most promising provisions of the federal Working Families Tax Cut Act is now available to families across America.
This summer, Trump Accounts officially launched, giving parents a new way to invest in their children’s future and begin building long-term financial security.
Every eligible child under age 18 with a Social Security number can have a Trump Account. Children born between 2025 and 2028 qualify for a one-time $1,000 federal seed deposit once an account is opened and verified. Family members—including parents, grandparents, and other relatives—can collectively contribute up to $5,000 each year, with those funds invested in low-cost exchange-traded funds that track the performance of the S&P 500.
For many young people, this could be their first opportunity to own a small stake in America’s economy. Even modest investments made early in life have decades to grow through the power of compound returns. The earlier someone begins investing, the greater the potential for long-term growth, making these accounts a meaningful tool for building financial independence.
Unlike 529 college savings plans, Trump Accounts are designed to encourage long-term wealth creation rather than saving for a specific educational expense. The goal is to help more Americans participate in the growth of our economy and develop lifelong habits of saving and investing.
According to the U.S. Treasury, millions of children have already been enrolled since the program launched on July 4, demonstrating strong early interest from families across the country. Treasury officials have said the program is intended to broaden stock ownership by giving more children an opportunity to benefit from America’s long-term economic success.
Independent analysts have also pointed to the program’s broader potential. A recent analysis by McKinsey estimated that, if participation remains strong, Trump Accounts could generate tens of billions—and potentially hundreds of billions—of dollars in long-term wealth for American children over the next decade. While those projections depend on continued participation and investment, they illustrate the significant opportunity these accounts could provide for families of all income levels.
Beyond the financial benefits, I believe there is an equally important lesson. Teaching children the value of saving, investing, and planning for the future helps build responsible, financially literate adults. When families are encouraged to think beyond today and prepare for tomorrow, our communities and our nation become stronger.
Strong families build strong communities, and helping children begin their financial journey early is an investment not only in their future, but in America’s future as well.
To learn more about eligibility requirements or to open an account, visit TrumpAccounts.gov.
As always, if you have questions or concerns about this issue—or any matter involving state government—please do not hesitate to reach out at Jim.Thorne@legislature.maine.gov. My office is here to help.
Sincerely,
Jim Thorne
State Representative