New tax law said to be producing larger refunds for millions this filing season

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The Working Families Tax Cuts Act is in effect and is associated with larger tax refunds distributed to millions of filers in the 2026 filing season.

Source summary

The White House says the Working Families Tax Cuts Act will produce the largest U.S. tax-refund season on record, with average refunds projected to rise by roughly $1,000 or more for many filers. Multiple news outlets and analysts cited in the statement (including CBS, USA Today, The Wall Street Journal, Business Insider and CNBC) estimate increases ranging from roughly 15–30% and note some provisions are retroactive to the start of the year. The administration highlights provisions such as "No Tax on Tips," "No Tax on Overtime," and elimination of tax on Social Security benefits, and points taxpayers to IRS resources for filing guidance.

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Latest fact check

Official Treasury and IRS materials and public statements from Treasury Secretary Scott Bessent and IRS guidance show that the Working Families Tax Cuts Act (also called the One, Big, Beautiful Bill) contains retroactive and year‑of‑implementation changes that will increase 2025 tax year liabilities/reconciliations and therefore lead to larger refunds when taxpayers file in early 2026; Treasury publicly estimated roughly $100 billion (and media reporting cited $100–150 billion) could flow back to households and the IRS/IRS guidance documents list specific provisions (higher standard deduction, expanded credits, refundable components, and retroactive deductions) that directly raise typical refunds for millions. Verdict: True — the authoritative Treasury/IRS sources support the claim that the law is producing larger tax refunds for millions this tax season.

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Timeline

Update · Jan 27, 2026, 05:14 AMTrue
Official Treasury and IRS materials and public statements from Treasury Secretary Scott Bessent and IRS guidance show that the Working Families Tax Cuts Act (also called the One, Big, Beautiful Bill) contains retroactive and year‑of‑implementation changes that will increase 2025 tax year liabilities/reconciliations and therefore lead to larger refunds when taxpayers file in early 2026; Treasury publicly estimated roughly $100 billion (and media reporting cited $100–150 billion) could flow back to households and the IRS/IRS guidance documents list specific provisions (higher standard deduction, expanded credits, refundable components, and retroactive deductions) that directly raise typical refunds for millions. Verdict: True — the authoritative Treasury/IRS sources support the claim that the law is producing larger tax refunds for millions this tax season.
Original article · Jan 26, 2026
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