Hassett Says Families Could See $11K-$20K Savings in Largest Tax Refund Season Ever [WATCH]

A top contender to become President Trump’s next Federal Reserve chair is making a bold promise: massive tax refunds and fatter paychecks are coming next year — and fast.

National Economic Council Director Kevin Hassett said Americans are on the verge of “the biggest refund cycle ever in the history of America,” as Trump’s economic agenda starts showing up where it counts — in people’s wallets.

“We are going to see the biggest refund cycle ever in the history of America, and people are going to get massive refund checks,” Hassett said Thursday on FOX Business’ Varney & Co. “We’re expecting just that part of it alone to be worth a couple-thousand-dollar refund … the numbers are striking.”

President Trump doubled down during his Wednesday night address, predicting “the largest tax refund season of all time” next spring — with many families saving between $11,000 and $20,000 a year.

Hassett backed the claim and brushed aside gloomy media narratives about affordability, pushing back on a recent Fox News Poll showing voter pessimism about the economy. The numbers, he said, tell a very different story.

“You saw in the jobs report that … wages for the typical worker were up 3.7%. So if you’re running 3.7% wage increases at 1.6% core inflation, then real wages are growing at a rate of about 2 [to] 2.5%. By our estimates right now, blue-collar workers have already seen an almost $2,000 raise this year after inflation, because wages are growing so much faster than prices,” Hassett explained.

Hassett said the disconnect comes from timing, not reality. “I think that what happens in the end — and this is what happened in the first [Trump] term — is that people will see it in their wallets.”

He noted that Trump’s Big, Beautiful Bill passed mid-summer, meaning many tax changes haven’t yet appeared on paychecks or tax forms — but they’re coming.

Closing out, Hassett pointed to what he called a “blockbuster” November inflation report, with prices cooling faster than economists expected — a sign, he says, that Trump’s economic reset is gaining steam.

More over at Fox Business:

PAY DAY: Trump economist Kevin Hassett said Americans could see the largest tax refund season in history next spring, with some families saving between $11,000 and $20,000 annually. pic.twitter.com/jz9DVqIwRf

— Fox News (@FoxNews) December 19, 2025