Trump Says ‘Record-Setting’ Tax Refunds Coming for Americans

Tax season started earlier this month and is set to end on April 15.

President Donald Trump speaks during the Trump Accounts Summit at the Andrew W. Mellon Auditorium in Washington on Jan. 28, 2026. Madalina Kilroy/The Epoch Times

President Donald Trump said on Jan. 29 that federal tax refunds are expected to be significantly higher for millions of people during the 2026 tax season, which started this month.

“Thanks to our tax cuts, millions of Americans will soon receive record-setting tax refunds,” Trump said in a Cabinet meeting at the White House. “You’re going to get a lot of tax refunds, with the average refund expected to be over $1,000 higher than it has been at any time.”

A fact sheet released by the White House shows that the average taxpayer is slated to see about $3,800 in tax savings in 2026 because of a tax cut that was passed under the One Big Beautiful Bill Act in 2025. The average refund in 2025 was about $3,050, the White House stated.

The measure also included provisions to exclude taxes on tips, overtime, and Social Security, according to the White House, which also stated that there is a deduction for vehicles made in the United States.

“If Congressional Democrats had their way, Americans would right now be facing the largest tax hike ever,” Trump said.

The IRS has said that multiple new tax law provisions under the One Big Beautiful Bill Act will take effect this year, according to a January statement. The tax revenue agency anticipates that about 164 million individual returns will be submitted for the 2026 season.

Trump’s remark on Jan 29 comes as the administration seeks to bolster its economic messaging ahead of the 2026 midterms in recent months and as Democrats have criticized the White House for policies they say have led to higher inflation and higher housing prices.

“We’re going to see substantial refunds for working Americans,” Treasury Secretary Scott Bessent told Fox News host Sean Hannity earlier this week. “They’re going to change their withholding and have bigger take-home pay every two weeks, every month. So it’s really an exciting time.”

Meanwhile, Senate Minority Leader Chuck Schumer (D-N.Y.) said in a statement last week that Democrats will concentrate on economic issues during the 2026 elections and focus primarily on housing costs.

“Housing costs have been skyrocketing. Rent is too high and eating away at the ability for people to save money to own a home,” Schumer said in a statement released by the Democratic Party. “The average age of a first-time homebuyer just hit a record high of over 40 years old.”

Trump visited Iowa on Jan. 27 to deliver a speech about midterm elections, focusing on the economy by touting his administration’s policies.

“We got to win the midterms. I mean, I’m here because I love Iowa, but I’m here because we’re starting the campaign to win the midterms; we got to win the midterms,” Trump told the audience at a rally. “If we lose the midterms, you’ll lose so many of the things that we’re talking about.”

Also in the Cabinet meeting, Trump said that next week he would be announcing his pick to head the Federal Reserve, to replace Fed Chair Jerome Powell, who is set to step down in May.