Summary
Treasury Secretary Scott Bessent announced that working Americans can expect tax refunds of $1,000 to $2,000 per household next year. These refunds stem from the One Big Beautiful Bill Act, a tax legislation passed under President Trump's administration. The refunds are expected in the first quarter of 2026 due to changes in tax policies like no tax on tips and overtime.
Key Facts
- Working Americans will get tax refunds of $1,000 to $2,000 per household.
- The refunds come from the One Big Beautiful Bill Act signed by President Donald Trump.
- The tax legislation was passed in July and changes how certain earnings, like tips and overtime, are taxed.
- Refunds are expected in the first quarter of 2026.
- Treasury Secretary Scott Bessent shared that many people have not yet adjusted their tax withholding, leading to larger refunds.
- White House National Economic Council Director Kevin Hassett estimates the average refund will be between $1,600 and $2,000.
- Once people adjust their withholding, they should see more in their regular paychecks.
