Washington, DC [US], June 4 (ANI): US Treasury Secretary Scott Bessent declared the latest filing season as the most successful in IRS history during his testimony before the United States Senate Finance Committee on Wednesday.
Working Families Tax Cuts Averted Tax Hike
Bessent stated that the Working Families Tax Cuts averted a projected USD 5 trillion tax increase that opponents sought to implement. He noted that if that proposal had succeeded, 90 per cent of American taxpayers would have faced a reduction in their standard deduction, and 40 million families would have seen their child tax credit halved.
"I last appeared before this Committee just a few weeks before the Senate passed the Working Families Tax Cuts. So, on the heels of the most successful filing season in IRS history, I'd be remiss if I did not begin by thanking the Committee for helping to deliver this once-in-a-generation bill to the President's desk," Bessent said.
Economic Indicators Show Growth
The Treasury Secretary also highlighted manufacturing and employment data, reflecting upward shifts. Over the twelve-month period ending March 2026, the goods trade deficit decreased by USD 369.8 billion compared to the previous year.
"The economy has added 313,000 net new private sector jobs and 13,000 manufacturing jobs in the past two months. Firm capital expenditures rose at an annual rate of over 17 percent in the first quarter. And companies are investing trillions to build and expand here at home. American industry is winning again to the benefit of American workers," Bessent stated.
"Separately, any one of our initiatives on trade, tax cuts, and deregulation would be substantial. Taken together, they are transformative," Bessent noted.
Tax Refunds and New Cuts
Bessent mentioned that the average tax refund rose by over 11 per cent, while total refunds marked an 18 per cent increase. He highlighted that over 62 million tax returns claimed at least one of President Trump's signature new tax cuts, including No Tax on Tips, No Tax on Overtime, deductibility of American car loan interest, and an enhanced deduction for low- and middle-income seniors.
"This Tax Day, under President Trump, we celebrated how much more money hardworking Americans kept, not how much the government took," Bessent added.
Trump Accounts for Children
Beyond immediate tax relief, Bessent hailed the Trump Accounts for expanding wealth creation among American children through private ownership and compound growth. "To date, nearly 6 million Trump Accounts have been opened, with 1.4 million eligible for the $1,000 seed contribution," Bessent said.
"Notably, President Trump's pro-growth policies don't stop at putting more money back in the pockets of working- and middle-class families--they extend to placing the American Dream within closer reach of their children," Bessent stated.
