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Working Americans will receive “very large refunds” next year, Treasury Secretary Scott Bessent has promised, as tax cuts enabled by the One Big Beautiful Bill go into effect.
“I think we’re going to see $100 [billion]–$150 billion of refunds, which could be between $1,000, $2,000 per household,” Bessent told an NBC affiliate station reporter while in Pennsylvania on Wednesday.
“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” of next year, Bessent added.
Bessent’s comments came while President Trump held an event in Pennsylvania in support of his economic agenda, including his flagship “reciprocal” tariffs.
Speaking at the rally at Mount Pocono Casino, Trump said his policies had created thousands of jobs in the state and billions of dollars in investments.
“We’re right now drilling more oil than we’ve ever done—ever before,” he said.
“Rent prices are down. Dairy prices are coming down very strongly,” he added, as well as the price of gas.
President Trump also modified his stance on the cost-of-living crisis, saying that although Democrats have manufactured the crisis for political reasons, prices are still “too high.”
Last month, the President and senior officials suggested a $2,000 payment taken from tariff income could be sent to low- and middle-income Americans.
Tariff revenue hit a record $31.4 billion in October, according to recently released Treasury data.
The Treasury’s monthly statement for October shows net customs duties totally $31.4 billion, surpassing all previous totals.
Gross customs receipts totally $33.1 billion and were offset by refunds of $1.7 billion.
As The Epoch Times reports, “The record inflow points to the profound fiscal impact of President Donald Trump’s tariff policies, which imposed a 10 percent baseline levy on most imports beginning earlier this year and included a series of reciprocal and country-specific duties that pushed some tariff rates as high as 40 percent.
“The October tariff income surge appears to reflect a deeper structural shift, with tariffs shifting from a marginal revenue source to one of the most rapidly expanding components of federal receipts. The month’s $31.4 billion haul surpassed the previous record of $29.7 billion set in September and came in more than four times higher than the $7.3 billion collected in October 2024.”
President Trump’s tariffs are currently being challenged before the Supreme Court.
Trump warned that a ruling against his tariffs would be devastating to the US economy and national security.
“The biggest threat in history to United States National Security would be a negative decision on Tariffs by the U.S. Supreme Court,” Trump said in a post on social media.
“We would be financially defenseless.”
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