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The president Donald Trump He said at a Cabinet meeting on Tuesday that American taxpayers are in line for tax refunds when this year’s tax season opens in the next few months.
Trump said that the re-enactment of the Some Good Payroll Act (Obbba), which transferred the tax cuts from that first term of the President that was expected to expire at the end of this year and contains other tax changes, will lead to the return of large amounts of money.
“The next year is considered to be the biggest ever Tax Refunds We gave it to ourselves,” Trump said.
Treasury Secretary Scott Besstent said that “the best is yet to come” for the US economy and noted that with most of the obbba provisions restored this year, “by 2026 we will see a very large return on investment in the first quarter.”
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President Donald Trump said tax refunds are expected to be bigger during next year’s filing season. (Andrew Harnik/Getty Images)
Bessent Noted provisions such as tax receipts social Security Beneficiaries, workers who receive tips and overtime income, and take out US-made auto loans, can bring financial relief to American taxpayers.
“The best way to deal with the problem is to give Americans more money in their pockets, which is what this wage bill has done. We think the whole year will be a very good year,” said Besstent next year.
Trump doubled down on his pledge to give it Taxation tax For the American people when he said that they would be used to reduce the national debt, they added that the tax rates could last.
“We’re going to be getting the money back from taxes, because we’ve taken billions of dollars, and we’re going to be giving good redistribution to people, in addition to reducing the debt,” Trump said.
Treasury Secretary Scott Besstent said the OBBBA’s reinstated provisions will help increase the return of taxpayers’ money. (Saul Loeb/AFP via Getty Images)
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“I’ve inherited a lot of debt, but it’s nuts compared to the kind of numbers we’re talking about,” he added. “I believe that at some point in the not too distant future, you won’t have any income tax to pay because the money we take is income tax, even if you’ve raised it a lot, but you’re much lower than that, but you won’t pay tax.”
Trump has previously proposed giving $2,000 tax breaks to low- and middle-income Americans, though Congress may need to ENACT SHORATION allowing severance payments to continue. The President said they are looking to pay dividends in mid-2026.
Republicans passed Obamacare, which President Trump signed into law on July 4. (Tom Brenner for The Washington Post via Getty Images/Getty Images)
The Committee on the Femeral Budget (CRFB) estimated that if the distribution of the payment of Trump was assessed as payments for the Covid-19 period of time to the elderly and children after receiving the income of the income levels, the individual tax payments it costs about $600 billion every year.
The CRFB noted that the tariffs imposed by the Trump administration have raised nearly $100 billion so far this year, including tariffs ruled illegal by the Supreme Court.
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Annually, the Trump Administration’s taxes – including those that may be attacked by the Supreme Court – are expected to raise about $300 billion a year. In contrast, the new fee payment under the Supreme Court decision raises slightly less than $100 billion per year.
CRFB said if the $2000 benefits were paid annually, they would know Increase Credit by $6 trillion over 10 years, adding that the cost is something “almost twice as much as it is estimated that President Trump’s tariffs will increase over the same period.”
The fee is a very small portion of Federal tax revenue. In the fiscal year 2025, which ended in September, the income tax generated was $ 2.656 trillion in income tax while the amount of tax paid was $ 1.748 trillion and the federal tax was $ 452 billion.
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In contrast, cultural activities including tax revenues brought in $195 billion in revenue in FY2025, representing approximately 3.7% of total tax receipts for the year.
