Working to build generational wealth can take time, which is why it is critical for parents to start saving for their children early in life. Local governments can play a key role in ensuring that their youngest residents are able to leverage all available resources to support their future. For many years, local leaders have been doing this work by creating Children’s Savings Account programs and encouraging city employees to take advantage of state 529 accounts. The passage of the federal 2025 H.R.1 (the One Big Beautiful Bill) Act created long-term wealth-building opportunities for children through the nation’s tax system.
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