Treasury Secretary Scott Bessent said American households will see "very large refunds" in the tax filing season early next year following policy changes under the One Big Beautiful Bill Act (OBBBA).
Bessent spoke to NBC10 Philadelphia on Tuesday ahead of an event touting the Trump administration's economic policies and said American taxpayers could see sizable refunds following the enactment of the OBBBA.
The treasury secretary noted that the tax law included retroactive provisions for policies that will impact what taxpayers owe on this year's earnings, which could boost the size of refunds.
"The bill was passed in July. Working Americans didn't change their withholding, so they're going to be getting very large refunds in the first quarter," Bessent told NBC10. "I think we're going to see $100 [billion]-$150 billion of refunds, which could be between $1,000 and $2,000 per household."