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Topics: Donald Trump, Money, Politics, US News
Poppy Bilderbeck
Topics: Donald Trump, Money, Politics, US News
The 'Working Families Tax Cuts Act' is set to deliver 'the biggest tax refund season ever' benefiting 'honest, hard-working Americans', the Trump administration has said.
Quick to point out 'every Democrat in Congress opposed', the act before diving in, the White House Washington's website said that 'millions of Americans are poised to receive significantly larger tax refunds'.
And what's anticipated as being 'the biggest tax refund season ever', has resulted from Trump's 'Working Families Tax Cuts Act' - also known as the 'One Big Beautiful Bill'.
The act was signed into law on July 4, 2025 and 'provides broad-based tax relief for hardworking Americans'.
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It's set to 'deliver on the president's promise to put America first', such as providing 'permanent tax cuts for workers and families' and 'promoting economic security through new savings vehicles for American families'.
The act also hopes to foster growth for small businesses and support America's agricultural economy, alongside revive domestic manufacturing, fund educational 'freedom' and 'protect American's borders and national sovereignty'.
It's also dedicated to providing 'unwavering support for American families and the sanctity of life', 'ensuring American energy independence and global leadership' and 'eliminating fraud and abuse to ensure responsible use of public funds'.
"Ensuring honest, hard-working Americans keep more of what they earn," the US Department of the Treasury's website adds.
But how much could it actually save the 'average taxpayer'?
The White House details 'the average taxpayer' can 'expect to see nearly $4,000 in total tax savings in 2026' - to be precise, $3,750 'per filer'.
It forecasts there to be $100 billion in 'total tax refunds in 2026 for American families', $7,200 'higher wages per American worker', and 7.2 million 'American jobs protected and creates'.
"Key provisions of the bill include No Tax on Tips, No Tax on Overtime, No Tax on Social Security, a deduction for auto loan interest on Made-in-America vehicles, and much more — putting more money back in the pockets of families, workers, and seniors," it adds.
US Department of the Treasury, Secretary Scott Bessent said of the act: "The Working Families Tax Cuts are about opening the books for the American people.
"We want Americans to see exactly how President Trump's policies will strengthen small businesses, allow workers to keep more of their hard-earned money and spur economic growth."