As reported at The Hill, President Donald Trump's 'One Big Beautiful Bill' is projecting Americans will enjoy the largest tax refund ever in 2026.
Thanks to a number of changes to the tax code under the One Big Beautiful Bill, Trump administration officials are projecting Americans will enjoy the largest tax refund ever in 2026.
Ways and Means Committee Chairman Rep. Jason Smith (R-MO) said in an early December memo citing an analysis by financial services company Piper Sandler that 2026 was shaping up to be “the largest tax refund season.”
“Because of the changes within the Big Beautiful Bill most taxpayers should expect to see a larger refund in 2025, but how much they receive will really depend on the specifics of their tax situation,” Adam Brewer, tax attorney with AB Tax Law, told Nexstar.
While many changes are set to take place in 2026, affecting the following year’s returns, there are notable changes for 2025, including: a higher standard deduction, a higher cap on state and local tax (SALT) deductions, an additional $6,000 deduction for seniors, no tax on tips, no tax on overtime and no tax on car loan interest, among others.