When it comes to Social Security, ‘it will be the biggest refunds that we’ve ever seen,’ Frank Bisignano said.
The chief executive of the Internal Revenue Service (IRS) said during a Tuesday interview that 94 percent of middle-class Americans will see some form of tax relief next year.
“You’re going to look at probably 94 percent-plus of middle-class Americans getting a boost, your tax rates coming down, and getting the benefit going forward,” said IRS CEO Frank Bisignano, who is also the commissioner for the Social Security Administration, during an interview with Fox Business.
He added that Social Security recipients will see “up to a $6,000 benefit as [the Trump administration is] committed to the benefits of Social Security not being taxed,” adding “it will be the biggest refunds that we’ve ever seen.”
“It’s one of the most amazing pieces of tax work ever done. And if you think about it, $1,000 today will be worth $500,000 at age 60,” Bisignano also told Fox News, referring to the Social Security-related tax relief.
Bisignano’s comments come after Treasury Secretary Scott Bessent and White House economic advisor Kevin Hassett have both projected significant refunds in the 2026 tax year due to the piece of legislation that was signed into law over the summer by President Donald Trump.
Bisignano was named as the first CEO of the federal tax revenue agency, which is a newly created position under the Trump administration in October.
Trump also said last week in a year-end speech that many American families could save between $11,000 and $20,000 per year under the tax and spending package.
Meanwhile, Hassett said late last week that “we are going to see the biggest refund cycle ever in the history of America, and people are going to get massive refund checks,” forecasting that it could ”be worth a couple-thousand-dollar refund.”
“A lot of the tax changes, which affect last year, weren’t in any tax forms that people filled out at the beginning of” this year, said Hassett, who has been floated as a possible successor to current Federal Reserve Chairman Jerome Powell.
