Fri Jan 09 11:30:00 UTC 2026: Headline: Taxpayers Face Uncertainty Despite Promises of “Very Large Refunds” Under One, Big, Beautiful Bill Act
The Story:
U.S. Treasury Secretary Scott Bessent has publicly stated that taxpayers should expect “very large refunds” this year due to the One, Big, Beautiful Bill Act, passed on July 4, 2025. The Act includes provisions like no federal tax on Social Security, overtime, and tips. However, financial experts like George Conboy, chairman of Brighton Securities, caution that individual circumstances will greatly affect actual refund amounts. The article highlights taxpayer skepticism and confusion regarding the promised tax breaks.
Key Points:
* Treasury Secretary Scott Bessent claims taxpayers will receive “very large refunds.”
* The One, Big, Beautiful Bill Act includes no federal tax on Social Security, overtime, and tips.
* George Conboy notes that the Social Security provision equates to an extra $6,000 deduction per person over 65.
* The property tax deduction limit in New York state has increased from $10,000 to $40,000, but is phased out for higher earners.
* The deduction for no federal tax on tips is up to $25,000, and for overtime is $12,500.
* Taxpayer Christine Murray expresses concern and uncertainty about receiving a large refund.
Key Takeaways:
* Despite optimistic projections, actual tax refunds will vary significantly depending on individual financial situations.
* The complexity of the new tax law is causing confusion and skepticism among taxpayers.
* Taxpayers should proactively adjust withholdings to align with their expected tax liabilities.
* The promises of large refunds may not materialize for many, leading to potential public dissatisfaction.
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