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- Americans could get $1,000 more in tax refunds this year — check to see if you’re eligible (marketrealist.com)
Americans Could See $1,000 More in Tax Refunds This Year – Are You Eligible?
Good news for your wallet! Many Americans, who have been feeling the pinch of rising costs, might be in for a pleasant surprise this tax season. Projections indicate that taxpayers could see significantly higher refunds, with some families potentially receiving an extra $1,000 compared to last year.
According to House Ways and Means Committee Chairman Jason Smith, the upcoming tax season is shaping up to be one of the largest in the nation’s history. He anticipates American taxpayers will collectively receive a staggering $91 billion in refunds, contributing to an expected record-setting total of $370 billion.
“Families can expect an average of $1,000 more in their refund compared to last year,” Smith stated. He highlighted the impact for a family with two children earning $73,000, noting they would have “zero tax liability.” Smith emphasized that these larger refunds would provide much-needed financial relief for essentials like groceries, medical bills, school supplies, and summer activities.
These anticipated increases are attributed to provisions within the One Big Beautiful Bill Act (OBBBA). Republicans in Congress, according to Smith, are committed to making the country more affordable for working families. He pointed to the “Working Families Tax Cuts,” which include no tax on tips, overtime, or Social Security, along with a larger standard deduction, an expanded Child Tax Credit, and permanent lower tax rates, all retroactively applied to 2025 income.
Treasury Secretary Scott Bessent also weighed in, suggesting that some households could see their refunds go up to $2,000. “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 explained.
Even President Trump echoed this sentiment in December, projecting the 2026 tax filing season to be “the largest tax refund season ever.” This outlook comes after last year’s tax season saw nearly $329 billion refunded, a slight dip from the previous year.
While political discussions regarding the previous administration’s policies were part of the announcement, the focus remains on the potential for significant financial relief for American families this tax season.