US Treasury Secretary Bessent says early start to 2026 tax season will boost economy | Today News

US Treasury Secretary Scott Bessent announced on Thursday (January 9) that the 2026 federal tax filing season will begin on January 26, one of the earliest starts in a decade, allowing benefits from the recently passed tax legislation to reach households faster.

“The President wants to get this money into the hands of the American people as soon as possible,” Bessent said.

“That’s why I am proud to break the news here today that this year’s tax season will begin on January 26.”

He said early refunds and adjusted withholdings would act as a “major tailwind” for consumer spending and investment in 2026.

Bessent laid out the Trump administration’s economic priorities for 2026, pitching early tax refunds, higher investment, and Federal Reserve cooperation as central pillars of what he called a historic turnaround from the Biden-era economy.

Speaking at the Economic Club of Minnesota, Bessent said the administration’s policies are already delivering faster growth, rising wages and what could be the largest tax refunds many Americans have ever seen.

Bessent repeatedly referred to the One Big Beautiful Bill as the Working Families Tax Cut Act, arguing it prevents a massive tax increase and raises real take-home pay.

“The President’s bill prevented a $4.5 trillion tax hike,” he said, adding that it allows the average worker to keep up to $7,200 more annually and a family of four up to $10,900 in take-home pay.

He said the law raises and makes permanent the Working Families Child Tax Credit, eliminates taxes on tips and overtime pay, and removes taxes on Social Security benefits for most retirees.

Bessent said Trump’s trade policy—particularly the use of tariffs—has forced companies to invest more inside the US.

“Hire your workers here. Build your factories here. Make your products here,” he said, describing the administration’s message to global corporations.

He claimed the policy has led to trillions of dollars in new investment, citing major spending by companies including Amazon and Minnesota-based firms such as Medtronic, 3M and General Mills.

He also highlighted agriculture, saying China has agreed to buy at least 25 million metric tons of US soybeans annually for three years, benefiting Midwest farmers.

One of the most ambitious proposals outlined was Trump Accounts, which would give every newborn US citizen a $1,000 Treasury-funded investment in an index fund.

“Through Trump Accounts, the President is creating an ownership economy where all citizens become shareholders in America’s wealth,” Bessent said.

He claimed a $1,000 investment at birth could grow to at least $500,000 by retirement, and urged business leaders to match government contributions for employees’ children.

Bessent also urged the Federal Reserve to maintain an “open mind” when setting monetary policy and to actively support investment.

“The Federal Reserve must do its part to help spur investment,” he said, calling for an “open mind” on monetary policy and citing former Fed chair Alan Greenspan’s approach during the 1990s tech boom.