Bill > S3770

This bill, titled the "Strong Start Act," aims to provide financial support for families with new children and expand savings opportunities. It introduces a new "New Child Payment" of $3,000 for eligible taxpayers who are parents of a child born or adopted after the bill's enactment, with this amount adjusted for inflation annually after 2025. The bill also renames existing "Trump accounts" to "American Dream accounts" and makes several changes to this program, including a permanent extension of the initial government seed contribution program, inflation adjustments to contributions starting after 2026, and additional government contributions for eligible taxpayers with qualifying children, with higher amounts for those eligible for the Earned Income Tax Credit (EITC). Importantly, funds within American Dream accounts, along with contributions, will generally be disregarded for determining eligibility for other federal means-tested programs, except for the Supplemental Security Income (SSI) program where amounts exceeding $100,000 will be considered a resource. The bill also mandates the automatic enrollment of eligible individuals into American Dream accounts.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/3770/all-info