Treasury Secretary Scott Bessent said a tax cut that was endorsed by the Trump administration prevented a potential “$4.5 trillion tax hike” and will allow Americans to keep thousands of dollars in “real wages” starting this year.
During remarks at a Minnesota Economic Club event on Thursday, the secretary said that the “average American to keep up to $7,200 more in annual real wages and the average family of four to keep up to $10,900 more in take-home pay” under the Working Families Tax Cut under the GOP-backed One Big Beautiful Bill Act.
The IRS has stated that multiple new tax law provisions under the One Big Beautiful Bill Act will take effect this year, according to a January news release. The tax revenue agency anticipates that about 164 million individual returns will be submitted for the 2026 season that starts on Jan. 26….
Treasury Secretary Says New Law Blocked Potential ‘$4.5 Trillion Tax Hike’
