Last week marked the beginning of the 2026 tax season, which will deliver historic relief for Tennesseans thanks to the Working Families Tax Cuts (WFTC) signed into law by President Trump. This landmark law prevented the largest tax hike in our nation’s history—$4 trillion—and includes measures that will jumpstart the American Dream for millions across the country.

On Wednesday, I had the honor of joining President Trump and Treasury Secretary Bessent for the official summit for the Trump Accounts. With the new tax-advantaged accounts, which were established as part of the WFTC, Americans born between 2025 and 2028 will be eligible for a $1,000 seed contribution from the Treasury Department. Parents may contribute up to $5,000 a year, and children can access the accounts at age 18. Based on historic stock market averages, the Trump administration estimates the value of such accounts could range from $50,000 to over $300,000 by adulthood.

These accounts represent a monumental investment in the future of our children and grandchildren, empowering the next generation to invest in a college fund, put a down payment on a home, or start a business. Already, more than 600,000 families have applied for the accounts, and I encourage every eligible Tennessee family to sign up by filling out IRS Form 4547. The accounts will officially launch on July 5 of this year. For those interested to learn more, you can visittrumpaccounts.gov.

The WFTC provides many more wins for families, seniors, workers, and small business owners.

For families, the law permanently extends the enhanced child tax credit of $2,200, with future adjustments for inflation. It also includes my provision to expand the employer-provided child care tax credit—an especially urgent need in Tennessee. According to the Tennessee Department of Human Services, 48 percent of residents live in child care deserts, and nearly 80 percent of working families report job interruptions due to insufficient child care, resulting in $1.65 billion in lost earnings each year. By expanding the tax credit, the WFTC encourages businesses to invest in child care services and help ease these burdens. 

The law also strengthens the federal adoption tax credit and expands 529 education savings accounts for both K-12 and higher education, empowering families to send their children to the schools that best meet their needs.

For seniors, the law includes my measure to provide a $6,000 bonus exemption to millions of low- and middle-income seniors, ensuring that they keep more of their hard-earned dollars, including Social Security.

For workers, the WFTC increased the standard deduction—used by roughly 9-in-10 Americans—significantly reducing their tax burden. While lowering taxes on tips and overtime pay, the law allows individuals to deduct up to $10,000 each year on interest for America-made vehicles. The law also levels the playing field for Tennessee's independent music creators by including my HITS Act, which provides additional tax relief for writing off recording expenses.

For small businesses, the law permanently extends the 2017 Trump tax cuts that helped drive growth and investment across Tennessee, including the Permanent Qualified Business Income Deduction and 100 percent bonus depreciation. These tax incentives are estimated to save more than 100,000 jobs in Tennessee.

Altogether, Tennessee households will save an average of $2,600 in taxes this year and see a long-run wage increase of up to $10,000. 

Unlike Democrats, Republicans understand that families do best when they have more money—not less—in their pocketbooks. With all the provisions in the Working Families Tax Cuts, every American will have something to celebrate this tax season.