IRS CEO says over 94% of middle-class Americans will see tax relief
The first CEO of the Internal Revenue Service is reinforcing signals from the Trump administration that Americans could see the "biggest tax refund ever" in the new year.
"We should expect exactly what the president said, as always happens," Frank Bisignano – also the commissioner at the Social Security Administration – said on "Mornings with Maria" Tuesday.
"And the great leadership of the Treasury secretary has positioned us to be able to deliver in a whole bunch of ways for America."
FED'S GOOLSBEE SAYS RATES ‘COULD COME DOWN’ IF ECONOMY STAYS ON ‘GOLDEN PATH’
Bisignano confirmed that major tax refunds are expected in 2026, echoing President Donald Trump’s end-of-year address last week in which he predicted "the largest tax refund season of all time" next spring and said many families could save between $11,000 and $20,000 a year.
"You're going to look at probably 94%—plus of middle-class Americans getting a boost, your tax rates coming down and getting the benefit going forward," the IRS CEO said.
"You'll see all our Social Security recipients getting up to a $6,000 benefit as [Trump] committed to the benefits of Social Security not being taxed," he continued. "It will be the biggest refunds that we've ever seen, and it's all because of the president's leadership and the Treasury secretary’s under ‘One [Big] Beautiful Bill,’ which is unparalleled."
Bisignano also noted that the newly dubbed "Trump accounts" — a sweeping savings initiative for children — will begin accepting contributions on July 4, 2026.
"It's one of the most amazing pieces of tax work ever done. And if you think about it, $1,000 today will be worth $500,000 at age 60," Bisignano said.
The comments come as Treasury Secretary Scott Bessent and National Economic Council Director Kevin Hassett both told FOX Business that the administration expects larger refunds and higher take-home pay next year, as Americans continue to voice concerns about affordability.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"We are going to see the biggest refund cycle ever in the history of America, and people are going to get massive refund checks," Hassett said in an interview on "Varney & Co." last Thursday. "We're expecting just that part of it alone to be worth a couple-thousand-dollar refund," Hassett added. "The numbers are striking."
"There are going to be substantial refunds to working American households in the first quarter," Bessent told Maria Bartiromo last week. "We're going to see very substantial, $100 to $150 billion of refunds in the first quarter go directly to Americans' pockets."