Tax refunds up nearly 11%, with over 37 million Americans cashing in on new tax breaks

Treasury Secretary Scott Bessent said that 44% of tax returns, or 37.5 million Americans, have claimed benefits from one of the new tax policies in the One Big Beautiful Bill: no tax on tips, no tax on overtime pay, no tax on Social Security, or deductions for car loan interest. Meanwhile, more than 6 million Americans have signed up for Trump accounts, the new tax-advantaged investment account for children, designed to set them up to invest early, Bessent said in a meeting of President Trump's Cabinet la ...