In 2026, Garrett Mason supported expanding “Trump Accounts” in Trump’s “One Big Beautiful Bill.” Mason proposed increasing “Trump Accounts” from $1,000 to up to $2,500 through a refundable tax credit for eligible children. However, the Council of Economic Advisers’ analysis showed the program disproportionately benefited wealthier families, who could contribute more and receive larger tax advantages, while lower-income children saw far smaller financial gains. Under the plan, children without additional family contributions would see accounts grow to only about $5,800 by age 18, far less than the roughly $303,757 that accounts would grow to by age 18 under maximum contributions.
2026: Garrett Mason Praised “Trump Accounts” As “Revolutionary” And Proposed A $2,500 Refundable Tax Credit For Maine Families. According to WMTW, “Garrett Mason, former Republican Senate leader and current Androscoggin County commissioner, said if elected governor, he would create a refundable tax credit of up to $2,500 for these accounts. ‘Trump Accounts are one of the most revolutionary things President Trump has done for American families,’ Mason said in a press release. ‘President Trump looked at Washington and said the system wasn’t working for kids, and he fixed it. He created a way for families to start building opportunity from day one, and Maine is going to show the country how to do it right.’” [WMTW, 2/6/26]
2026: Garrett Mason Proposed Expanding “Trump Accounts” From Trump’s “One Big Beautiful Bill,” Which Provided $1,000 Deposits, With A Refundable Tax Credit Of Up To $2,500 For Children Born Between 2025 And 2028. According to WMTW, “Garrett Mason wants to build off President Donald Trump's ‘Trump accounts,’ which is part of the One Big Beautiful Bill Act and would deposit $1,000 into the bank account for children born between Jan. 1, 2025, and Dec. 31, 2028. Mason wants to create a refundable tax credit of up to $2,500 for these accounts.” [WMTW, 3/13/26]
2025: Council Of Economic Advisers Analysis Found That “Trump Accounts” Skewed Toward Wealthier Families, Leaving Lower-Income Children With Just $5,839 In Savings By Age 18, If They Only Received The Government Contribution. According to Time, "But while the White House frames the Trump Accounts as a way to ‘give every newborn child a head start toward lifelong financial security and the American Dream,’ the reality is far less even-handed. The program may be open to every child, but its benefits will flow overwhelmingly to families with the means to contribute thousands of dollars a year. What could have been a leveling tool instead risks becoming a widening wedge between the haves and the have-nots.” [Time, 12/5/25]
2025: Council Of Economic Advisers Analysis Found That “Trump Accounts” Gave Bigger Tax Breaks To Wealthier Families Who Could Contribute More. According to Time, "Because Trump Accounts are structured like tax-advantaged retirement plans, the families who contribute the most also receive the largest tax breaks. A child whose family can’t save beyond the initial $1,000 sees only modest tax benefits by age 18. A child whose parents can make the maximum contributions receives tax relief on an entirely different scale. In short: the richer the parents, the bigger the tax subsidy." [Time, 12/5/25]