Scott Bessent says working Americans to receive up to $2,000 in tax refunds under Trump’s new bill

US Treasury Secretary Scott Bessent has said that every working American household is going to receive "very large refunds" of around $1000 to $2000 in the first quarter of 2026 owing to the tax cuts introduced in the One Big Beautiful Bill Act introduced by President Donald Trump earlier this year.

“I think we’re going to see $100-$150 billion of refunds, which could be between $1,000, $2,000 per household,” Bessent said Wednesday, as per a report by the New York Post.

Bessent said that many working Americans will be receiving this refund because they have not yet adjusted their tax withholding.

Once they receive the tax refunds, the US citizens will be expected to change the status of their withholding to ensure lesser taxes get deducted from their paychecks.

Treasury chief seeks looser regulation

Bessent, on Thursday, also signalled for crucial changes when it comes to regulations to ensure the emphasis is on economic growth while speaking to a high-level panel on financial stability.

The panel, the Financial Stability Oversight Council (FSOC), was created in the wake of the 2008 financial crisis to ensure a repeat of such a situation did not happen going forward.

The FSOC is chaired by the US Treasury Secretary and consists of representatives from the country's top financial bodies, like the Federal Reserve, the Securities and Exchange Commission, and the Federal Deposit Insurance Corporation.

"Too often in the past, efforts to safeguard the financial system have resulted in burdensome and often duplicative regulations," Bessent said in the meeting, as per a report by news agency AFP.

"Little thought was given to the harms of overregulation," he added.

Later, he shared a letter detailing his plans and said in a post on X, “Since day one, this administration has focused on building Parallel Prosperity, where Wall Street and Main Street grow together.”

“FSOC is prioritising sustainable long-term economic growth and economic security, modernising regulations, reducing undue burdens, and fostering a financial system that supports resilience, innovation, and enduring U.S. financial stability,” the post also read.

Bessent's plan is in line with the Trump administration's overall goal of trimming regulations to spur economic growth, as FSOC now will work with regulatory agencies to identify rules that may "impose undue burdens and negatively impact economic growth, thereby undermining financial stability."