Video: 'Very large' tax refunds to benefit millions of Americans, top Trump official says

Treasury Secretary Scott Bessent predicted last week that millions of Americans will receive “very large” tax refunds in the first quarter of 2026 as a result of President Donald Trump’s effort to pass the One Big Beautiful Bill Act into law earlier this year.

During an interview with NBC10 Philadelphia last Tuesday, Bessent gave an update on the state of the economy under the Trump administration. Asked about the continued concerns many Americans have regarding affordability, Bessent told NBC10 Philadelphia, “Everything we’ve done in the past year is setting the table for a great 2026.”

Bessent explained that the Trump administration has been addressing three key issues that caused the economy to become unstable during former President Joe Biden’s administration. The Treasury secretary noted that the issues include immigration, interest rates, and inflation. 

Bessent told NBC10 Philadelphia that the Trump administration has “closed the border” and that roughly 2 million individuals have “gone home” as a result of the administration’s immigration policies. The Treasury secretary also said the bond market experienced a very successful year, the housing market is showing improvement, rental rates have decreased by roughly 5 percent, and inflation is slowing as a result of the Trump administration’s energy policies.

During his interview with NBC10 Philadelphia, Bessent emphasized how the One Big Beautiful Bill Act will benefit Americans during the upcoming tax return season. He noted that Trump “fought harder than anyone” to secure the no tax on tips, no tax on Social Security, and no tax on overtime provisions in the bill.

“The bill was passed in July. Working Americans didn’t change their withholding, so they’re going to be getting very large refunds in the first quarter,” Bessent said. “I think we’re going to see $100 [billion]-$150 billion of refunds, which could be between $1,000 and $2,000 per household.”

“Then they’ll change their withholding, and they’ll get a real increase in their wages,” Bessent added. “So I think 2026 can be a very good year.”

Fox Business reported that in addition to the tax relief provisions highlighted by Bessent last Tuesday, the One Big Beautiful Bill Act also extended the standard deductions and lower tax rates that were passed in 2017 during Trump’s first term in office. The outlet noted that the 2017 tax cuts were initially set to expire at the end of the year and would have resulted in a tax increase for Americans in 2026. 

According to Fox Business, the Treasury secretary’s comments come after the president announced at a cabinet meeting earlier this month that next year is “projected to be the largest tax refund season ever.”