Republican Sen. Ted Cruz acknowledged that Trump accounts, tax-advantaged savings accounts for children created under the One Big Beautiful Bill Act, are designed as Social Security personal accounts modeled on Australia's superannuation system. Cruz suggested the accounts could eventually create political momentum for broader Social Security reform by allowing adults to divert their own payroll taxes into similar accounts.
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Republican Sen. Ted Cruz acknowledged that Trump accounts, tax-advantaged savings accounts for children created under the One Big Beautiful Bill Act, are designed as Social Security personal accounts modeled on Australia's superannuation system. Cruz suggested the accounts could eventually create political momentum for broader Social Security reform by allowing adults to divert their own payroll taxes into similar accounts.