Rep. Jason Smith, RM., discusses the Trump Administration’s tax cuts and their impact on the ‘bottom line.’
Financial Secretary Scott Besslent He said American households will see a “very large refund” in the tax filing period early next year following the policy changes (Obbba).
Bessent spoke to him NBC10 Philadelphia Tuesday ahead of an event unveiling the Trump Administration’s economic policies
The finance secretary noted that the tax law includes provisions for reinstated policies that will affect what taxpayers owe on income this year, which could increase the size of the refund.
“This bill was passed in July. The Americans’ performance didn’t change their withholding, so they’ll get more of their refund in the first quarter,” Bessyent told NBC10. “I think we’re going to see $100 [billion]- $150 billion of Reports, which can be between $1,000 and $2,000 per household. ”
IRS releases guidance on Trump’s ‘No tax on tips’ and overtime cuts: Know
Treasury Secretary Scott Besstent said tax refunds will be more difficult when the filing period opens next year. (Alex Wong/Getty Images)
“After that they will change their withholding, and they will get a real increase in their salaries. So I think 2026 would be a very good year,” said Bessent.
Bessent’s comments come amid widespread pressure by The Trump administration Emphasizing its efforts to improve the affordability of life for the American people, with tax relief under obbba is a major focus.
Trump promises the biggest tax cut ever for Americans coming in 2026
President Donald Trump has said that next year will be the time for big tax refunds. “ (Andrew Harnik)
In addition to creating the new tax bill that was discussed, OBBBA extended the lower tax rates and the higher tax deductions made under Trump in 2017 Tax cuts That is due to expire at the end of this year, which would leave taxpayers facing a tax hike in 2026.
The President said at a Cabinet meeting earlier this month that the upcoming tax filing season “is thought to be a big season for tax refunds.”
Voters express economic worries about rising prices as costs rise, Fox News Poll finds
The IRS released more than $311 billion in tax returns in October for the 2025 tax filing season. (Kayla Bartkowski/Getty Images)
A FOX News Poll in November shows nearly 3 in 4 respondents view economic conditions as negative, Rising food costshousing and health care.
Big tax refunds can help financially ailing households. IRS data With the filing of the 2025 tax it was shown that since the beginning of April, the agency has paid more than $ 211 billion in the return of the average of $ 3,116.
Find FOX business on the go by clicking here
The most recent data from mid-October showed the amount of refunds paid at R111 billion, with the average refund amount, and the average refund amount slightly down at $3,052. More than 102 million refunds were issued during the 2025 filing season as of Oct. 17.
