The White House said on Nov. 20 that U.S. taxpayers could see an “extra $1,000 bump” in their tax refunds next year.
White House press secretary Karoline Leavitt told a press briefing that the estimate of next year’s tax refunds is based on new research by investment bank Piper Sandler.
“According to a new study from Piper Sandler, which is out this week, tax filers can expect an extra $1,000 bump to their tax refund next year, in what could be a record-breaking tax refund season,” she told reporters.
Leavitt suggested that Americans could expect more good news from the Trump administration’s economic policies.
“We know these refunds will make a huge difference for Americans to help pay down their bills and use towards life’s expenses,” Leavitt said.
“President Trump’s entire economic agenda is aimed at putting more money back into the pockets of hard-working Americans. That’s why he signed the largest middle-class tax cuts in history into law, from no tax on overtime, no tax on tips, to no tax on social security.”
It stated that taxpayers may take home an additional $91 billion in tax refunds and keep an extra $30 billion in their paychecks due to reduced withholding during the 2026 tax filing season.
Rep. Jason Smith (R-Mo.), chairman of the House Ways and Means Committee, said the working families tax cuts benefit American families in many ways, such as boosting the child tax credit to $2,200 and indexing its value to inflation.
“Thanks to the working families tax cuts, more Americans will have greater financial security and ability to provide for their future.”
The order granted certain exceptions, such as for people without access to electronic payment systems or banking services.
The IRS has advised taxpayers to open a bank account if they don’t have one. People can opt for prepaid debit cards, digital wallets, or other methods allowed with the exemptions.
