"Zoom in: Both inside and outside the White House, Trump advisers are pinning their hopes on projections by Treasury Secretary Scott Bessent that Americans' finances and outlook will improve markedly during tax season: The "refund boom": Working Americans could see as much as $2,000 in returns from the IRS during tax filing season because of the tax-and-spending bill. It extended Trump's 2017 tax cuts and gives new write-offs to some tip earners, Social Security recipients, overtime workers and parents, Bessent said last week."
"Zoom out: Along with hoped-for reductions in inflation, lower interest rates and ( continued) lower gas prices, Trump and his inner circle are counting on citizens benefiting from money-saving initiatives, from lax fuel economy standards to his prescription drug plans to sweeping deregulation. "The "sky-is-falling crowd is just wrong," the Trump adviser said. The economy is "going to take off like a rocket ship," said another."
Trump advisers are banking on near-term financial gains during tax season, including a projected "refund boom" that could put up to $2,000 back into working Americans' pockets because of the tax-and-spending bill. Businesses can retroactively write off capital expenditures, encouraging hiring and wage growth, and markets are expected to climb further in 2026, driven by AI winners. The administration cites falling inflation, lower interest rates, and cheaper gas as additional tailwinds. Policies such as relaxed fuel-economy rules, prescription drug plans, and deregulation are intended to save consumers money. Tariffs have raised some prices, prompting targeted rollbacks, while skeptics caution about the persistence of inflationary and distributional risks.
Read at Axios
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