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Elizabethton Today
By the People, for the People
Historic Tax Relief Arrives for Tennesseans
New Working Families Tax Cuts law provides significant savings for families, seniors, workers, and small businesses
Published on Feb. 3, 2026
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Last week marked the start of the 2026 tax season, which will bring historic relief for Tennesseans thanks to the new Working Families Tax Cuts (WFTC) law signed by President Trump. The law includes measures like the Trump Accounts, which provide a $1,000 seed contribution for Americans born between 2025-2028, as well as expanded tax credits, deductions, and savings incentives for families, seniors, workers, and small businesses across the state.
Why it matters
The WFTC law is expected to save Tennessee households an average of $2,600 in taxes this year and increase long-run wages by up to $10,000. This represents a major investment in the state's families and economy, empowering the next generation and supporting key industries like music and small business.
The details
The WFTC law includes several key provisions, such as permanently extending the enhanced child tax credit, expanding the employer-provided child care tax credit, strengthening the federal adoption tax credit, and increasing the standard deduction. It also establishes the new Trump Accounts, which provide a $1,000 seed contribution for eligible Americans born 2025-2028 and allow up to $5,000 in annual contributions. For seniors, the law includes a $6,000 bonus exemption, and for workers, it lowers taxes on tips, overtime pay, and interest for American-made vehicles. Small businesses also benefit from permanent extensions of the 2017 Trump tax cuts.
- The 2026 tax season began last week.
- The Trump Accounts will officially launch on July 5, 2026.
The players
Marsha Blackburn
A U.S. Senator representing Tennessee.
President Trump
The former President who signed the Working Families Tax Cuts law.
Treasury Secretary Bessent
The Treasury Secretary who joined Senator Blackburn and President Trump for the official summit on the Trump Accounts.
What they’re saying
“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.”
— Sen. Marsha Blackburn (elizabethton.com)
What’s next
The Trump Accounts will officially launch on July 5, 2026, and eligible Tennessee families are encouraged to sign up by filling out IRS Form 4547.
The takeaway
The Working Families Tax Cuts law represents a historic investment in Tennessee families, workers, and small businesses, providing significant tax relief and incentives that will empower the next generation and drive economic growth across the state.
