Trump Touts Tax Cuts and New Child Savings Accounts at Cabinet Meeting Amid Poor Polling on Cost of Living

President Donald Trump met with the entire Cabinet this week and said the One Big Beautiful Bill Act delivered the largest tax cuts in American history. He added that all Democrats voted against the measure and that the typical family received tax refunds of nearly $5,000 this year. Cabinet members referred to the legislation as the Working Family Tax Cuts during the meeting.

The administration is using that phrasing as it seeks to show voters it is addressing household costs. A recent Politico poll found that 53 percent of Americans described the cost of living as the worst they can remember. Fifty-eight percent said Trump has not done enough to protect the nation against the costs of the Iran war, and 79 percent said food, medicine, and drug prices have increased since he took office.

An UnidosUS poll showed that 66 percent of Latino voters said Trump and congressional Republicans are not focused on fixing the economy. Sixty-seven percent disapprove of Trump’s job performance, and one in four Latino voters who supported him in 2024 said they would not vote for him again.

GOP strategist Dennis Lennox said there is a real risk of repeating former President Joe Biden’s mistake of dismissing voter concerns about prices.

He added that voters judge the economy through their personal finances and that when politicians are explaining, they are losing. White House spokesman Kush Desai said Trump was re-elected because he understood how Americans were left behind under Biden and that the administration has focused on economic relief since Day One.

gov, signed an executive order to lower home construction costs, and removed costly Biden-era ESG regulations on grocery stores.

Treasury Secretary Scott Bessent said the Trump Accounts program is the most important benefit for young people since the GI Bill. The accounts will launch through an app on July 4, and nearly 6 million children have already been signed up. The accounts were included in the One Big Beautiful Bill Act.

U.S. citizen child under age 18 who has a Social Security number. Every child born between January 1, 2025, and December 31, 2028, is eligible for a one-time $1,000 contribution into a tax-deferred, low-cost index fund account.

Vice President JD Vance wrote on X on May 29, 2026, that the accounts meet people where they are by using a simple app instead of complicated forms. The House passed the 21st Century ROAD to Housing Act last week after the Senate approved it two months earlier. The bill limits institutional investor purchases of single-family homes to encourage more homebuilding.

Congress returns from recess in June. At the Cabinet meeting, Trump said the United States is producing more than twice as much oil as Russia and Saudi Arabia combined. Bessent said oil prices have already come down substantially.

391 per gallon, down 16 cents from the previous week, according to AAA. 24 as of Friday. gov.

The administration recently added nearly 1,000 low-cost generics to the site and last week announced partnerships with Mark Cuban’s Cost Plus Drugs, Amazon Pharmacy, and GoodRx. It has also negotiated more than a dozen deals with pharmaceutical companies.

Desai said that as these policies and the Working Families Tax Cuts take effect and temporary disruptions from Operation Epic Fury dissipate, Americans can count on a repeat of the first Trump term’s historic economy.