National Economic Council Director Kevin Hassett announced on Thursday that the Trump administration is preparing for the "biggest refund cycle ever" in American history. Speaking on FOX Business, Hassett noted that the administration expects the 2026 spring tax season to deliver massive checks to families, with some estimated to save between $11,000 and $20,000 annually.
The surge in refunds is largely attributed to the "Big, Beautiful Bill" passed earlier this year. Because the legislation was enacted mid-summer, many of the tax changes affecting the previous year were not reflected in initial tax forms. Hassett emphasized that these adjustments, combined with cooler-than-expected inflation data, will soon be felt directly in the wallets of the American people.
Addressing concerns about affordability and recent polling showing many Americans feel they are falling behind, Hassett pointed to a "blockbuster" November inflation report. He explained that with core inflation sitting at 1.6% while wages rise at 3.7%, real wages are growing significantly. According to White House estimates, blue-collar workers have already seen an inflation-adjusted raise of nearly $2,000 this year.
Hassett, who is a leading contender to become the next Federal Reserve chair, struck a bullish tone on the overall economy. He argued that the administration’s focus on increasing aggregate supply is successfully putting downward pressure on prices, mirroring the economic conditions of President Trump’s first term.
The administration expects this "pedal to the metal" approach to continue driving growth in the 3% range while keeping inflation low. As the 2026 tax season approaches, officials believe the combination of higher take-home pay and record-breaking refunds will provide the financial relief many families have been seeking.