Treasury Sec. Scott Bessent Drops Good News for Working Americans

Americans could be in for a tax-time windfall.

Treasury Secretary Scott Bessent says households will see “very large refunds” during the upcoming tax filing season, thanks to policy changes under the One Big Beautiful Bill Act (OBBBA).

Bessent made the comments in a recent interview with NBC10 Philadelphia ahead of an event promoting the Trump administration’s economic agenda.

The key, he said, is retroactivity.

Because the bill passed in July, many working Americans did not adjust their withholding, meaning the changes will hit all at once when taxes are filed early next year.

“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.”

Bessent added that the benefits won’t stop there.

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

The remarks come as the Trump administration ramps up its messaging on affordability, with tax relief under the OBBBA front and center.

Beyond the new provisions highlighted by Bessent, the law also extended the lower tax rates and higher standard deductions enacted under the 2017 Trump tax cuts, which were set to expire at the end of this year — a lapse that would have triggered a tax hike in 2026.

President Donald Trump underscored the point earlier this month, telling Cabinet members that the coming filing season is “projected to be the largest tax refund season ever.”

More over at Fox Business:

Bessent expects taxpayers will see ‘very large’ tax refunds early next yearhttps://t.co/KkwwVxVthq

— Karoline Leavitt (@PressSec) December 15, 2025