Rep. Jason Smith, R-Mo., discusses the Trump administration’s tax cuts and their impact on affordability in “The Bottom Line.”
Secretary of the Treasury Scott Bessant said U.S. households will receive “very significant refunds” come tax filing season early next year, following policy changes brought about by the One Big Beautiful Bill Act (OBBBA).
Bessent spoke with NBC10 Philadelphia Tuesday before an event touting the Trump administration’s economic policies and said U.S. taxpayers could get big refunds after OBBBA is signed into law.
The Treasury secretary noted that the tax law included retroactive provisions for policies that will impact what taxpayers owe on this year’s income, which could increase the amount of refunds.
“The bill passed in July. American workers didn’t change their withholding, so they’re going to get very significant refunds in the first quarter,” Bessent told NBC10. “I think we’re going to see $100 [billion]-$150 billion in reimbursements, which could be between $1,000 and $2,000 per household. »
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Treasury Secretary Scott Bessent said tax refunds will be significantly larger when filing season opens next year. (Alex Wong/Getty Images)
“Then they will change their withholding and they will get a real increase in their salaries. So I think 2026 can be a very good year,” Bessent added.
Bessent’s comments are part of a broader campaign by Trump administration to highlight its efforts to make life more affordable for Americans, with tax relief under the OBBBA being a key goal.
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President Donald Trump said next year would be “the biggest tax refund season ever.” (Andrew Harnik)
In addition to creating the new tax break Bessent discussed, OBBBA extended the lower tax rates and higher standard deductions implemented under the 2017 Trump administration. tax cuts these were due to expire at the end of this year, which would have left taxpayers facing a tax hike in 2026.
The president told a Cabinet meeting earlier this month that the upcoming tax filing season “is expected to be the biggest tax refund season ever.”
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The IRS has issued more than $311 billion in tax refunds through October for the 2025 tax filing season. (Kayla Bartkowski/Getty Images)
A November Fox News poll showed that about three-quarters of respondents viewed economic conditions negatively, citing rising grocery priceshousing and health care.
Larger tax refunds could help households shore up their finances. IRS data for the 2025 tax return showed that as of early April, the agency had issued more than $211 billion in refunds, for an average of $3,116.
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The most recent data from mid-October showed the total amount of refunds paid stood at $311 billion, with the average refund amount decreasing slightly to $3,052. More than 102 million refunds were issued during the 2025 filing season, as of October 17.
