Refund checks for Americans will be “gigantic” in the upcoming filing season because of the tax cuts included in President Trump’s One Big Beautiful Bill Act, Treasury Secretary Scott Bessent predicted this week.

Bessent explained on the “All-In Podcast” that the tax provisions in the July law signed by Trump were retroactive to the beginning of the year and most workers did not adjust how much was deducted from their paychecks after the provisions went into effect, meaning they can expect a big refund when they file taxes in 2026.

“I can see that we’re gonna have a gigantic refund year in the first quarter because working Americans did not change their withholdings,” said Bessent, who also serves as acting commissioner of the Internal Revenue Service (IRS).

“I think households could see, depending on the number of workers, $1,000- $2,000 refunds,” the treasury secretary continued.

Bessent’s prediction is in line with tax experts, who also say Americans can expect bigger refund checks.

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