Trump Economic Policy

Treasury data provided to Fox News show that midway through the current tax filing season, the IRS has processed nearly 63.5 million returns—about 45% of those expected by April 15—and the average refund is running above $3,700. The figures detail early take‑up of President Donald Trump’s One Big Beautiful Bill Act (signed July 4, 2025), with more than 27.5 million filers already claiming at least one of the law’s new tax breaks via a new IRS Schedule 1‑A. Treasury says over 15.5 million returns have used the "No Tax on Overtime" provision and more than 3.5 million the "No Tax on Tips," excluding those earnings from taxable income, while more than 9.2 million returns have taken an enhanced senior deduction and about 690,000 have claimed "No Tax on Car Loan Interest." The article also reports that nearly 3.5 million child "Trump Accounts"—government‑created investment vehicles for minors funded with federal seed money and private contributions—have been opened so far, with over 800,000 qualifying for a $1,000 pilot deposit. Treasury Secretary Scott Bessent touts the early numbers as evidence that the law’s extensions of 2017 tax cuts and new targeted provisions are boosting take‑home pay, a claim critics online are already probing against broader budget costs and distributional effects.