Education can open a lot of doors. The right knowledge and skills can create opportunities and open up paths to success. It’s why parents work so hard to ensure their children get a good education that sets them up for a better life. When Republicans wrote our landmark bill, the Working Families Tax Cuts, we wanted to support parents and empower them to help open doors for their children, and I’m proud this landmark law will help set the next generation up to attain their American Dream.

For decades, the 529 savings plan has been a powerful tool for parents to save for their kids’ education. At first, 529s could only be used for college, but in 2017, Republicans expanded eligible uses of 529 funds to include K-12 expenses as well. In the Working Families Tax Cuts, Republicans expanded 529s again to provide even greater freedom for parents to support their children’s education. Thanks to this new law, parents can put that money toward tutoring, vocational and continuing education, and homeschool materials. And we also doubled the amount folks can spend from a 529 plan to $20,000 per year.

The Working Families Tax Cuts supports Americans pursuing an education whatever their ultimate goal may be. For those interested in the trades, this bill created the new Workforce Pell program, which will help students pursuing shorter-term job training programs that prepare them for in-demand, skilled jobs. For those who are looking at a college degree, this bill implements accountability measures designed to put downward pressure on tuition, and it streamlines the student loan repayment process to make it simpler for Americans repaying their loans. Additionally, it ensures that graduates won’t have to pay taxes on tuition assistance from their employer – a measure that I introduced and that this bill makes permanent.

In addition to supporting Americans in their educational pursuits, the Working Families Tax Cuts also provides families with another option to save for their children’s future: Trump accounts. These new investment accounts allow families to contribute and invest money for children as they grow up. When a child turns 18, that money – thousands or even tens of thousands of dollars – is tax-advantaged, and it can be put toward education, starting a business, or buying a home – to get a head start on the American Dream. For children born between 2025 and 2028, the government is offering an initial $1,000 investment in Trump accounts. I hope parents will consider opening an account for their children, which you can do when you file your taxes or at any time online.

I often say that the Working Families Tax Cuts includes a decades-worth of accomplishments in a single bill, but perhaps its greatest impact is the opportunities it unlocks for an entire generation of Americans. Thanks to this bill, the next generation will have greater educational freedom and be able to seize even more opportunities. I’m proud that Republicans’ landmark bill will help the next generation as they pursue the American Dream.