On July 4, President Donald Trump signed his “One Big, Beautiful Bill,” which included within it a number of measures and provisions designed to benefit families.
Key Takeaways:
Pro-family measures in the law include:
- Expanded child tax credit to $2,200 for more than 40 million American families
- Creation of new “Trump” savings accounts for children
- Expanded dependent care tax credits
- Enhanced adoption tax credit
- Expanded standard deduction to $31,500 for families
The Details:
According to a press release from the House Ways & Means Committee, the bill’s pro-family provisions include the following:
Increased child tax credit
The bill’s expanded child tax credit permanently increases to $2,200 from the current $2,000 credit. Without this action, the child tax credit would have declined to $1,000 per child at the end of the year. The tax credit is available to all those under the age of 17 who have a valid social security number.
“Trump accounts”
These investment accounts offer $1,000 in government funds to any child born between 2025 and 2028. Parents can also contribute up to $5,000/year in the accounts. The accounts will be modeled after individual retirement accounts. Parents will be able to open an account for children born prior to 2025, but will not receive the $1,000 starter money.
Dependent care programs
Per Investopedia, the bill increases the maximum annual amount deductible from income for childcare programs from $5,000 to $7,500. It also makes permanent the paid leave tax credit.
Adoption tax credit
According to the Ways and Means Committee, the bill “enhances the adoption tax credit and indexes it for inflation, ensuring it does not lose its value.”
Increased standard deduction
Under the bill, the standard deduction will increase to $31,500 for families. Additionally, married couples will be able to take a charitable deduction of $2,000 in addition to the standard deduction.
The Bottom Line:
House Ways and Means Committee Chairman Jason Smith calls the bill “an economic lifeline for working families.”
Pro-family policies are crucial to helping families thrive — and may even make the difference in helping a mother and father choose life for their preborn child. Any policies that help the American family better afford and raise their children should be considered a win for life.
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