Treasury secretary gives update on when Americans can expect to receive ‘large refunds’ of up to $2,000
The US treasury secretary has outlined when Americans can expect to receive 'refunds' of up to $2,000.
It comes as part of President Donald Trump's flagship One Big Beautiful Bill which is focussed heavily on economic reform in the US.
Part of the bill will reportedly see sweeping tax cuts across the country, even as Trump has imposed punishing tariffs on foreign imports to the US, leading to price increases as well as a ripple of economic uncertainty around the world.
The One Big Beautiful Bill Act finally passed the by a razor thin margin of 218 to 214 votes, and was signed into law by Trump on July 4. Now treasury secretary Scott Bessent has outlined one particular aspect of the bill.
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This is a series of 'refunds' which the government has said it will issue to households across the country, with some being as much as $2,000 per household.
Speaking on Wednesday, Bessent said: “I think we’re going to see $100 [billion] to $150 billion of refunds, which could be between $1,000, $2,000 per household."
He went on to clarify that checks for the refunds are expected to arrive in the first quarter of 2026.
Trump trumpeted the bill as a 'declaration of independence from a national decline'.
“We had a national decline. We were a laughing stock all over the world. We had a man as president who shouldn’t have been there,” he said previously.
“We really have independence now over the - if you look at it - the overtaxation, where we were being taxed out of our lives, independence from over-regulation, we have independence now from radical-left bureaucrats and independence from the largest alien invasion that I think any country has ever seen.”
The announcement of tax refunds may be a welcome relief to Trump, who has seen a slump in opinion polls on several key issues to his administration, including the economy, as the midterms draw ever closer.
This includes a damning appraisal of the Americans' confidence in Trump's economic policy, with the poll from from the Associated Press-NORC Center for Public Affairs Research saying that approval ratings for Trump's handling of the economy are at 31 percent of adults in the US.
That figure is down from just nine months ago in March when it stood at 40 percent.
Trump is also seeing poor polling numbers on issues such as immigration, which he had previously performed well on, dropping from 49 percent to 38 percent.
Kit Roberts