Video Bessent on tax gains: Americans have more money, they can decide how they want to spend it Treasury Secretary Scott Bessent discusses the confirmation hearings for Kevin Warsh's candidacy for Fed chair, tax gains and overtime during a press conference.
This Tax Day, Americans are seeing historic savings thanks to bold, pro-growth policies and massive tax cuts enacted through President Trump’s Working Families Tax Cuts.
In fact, this year’s average tax refunds are up by nearly 11 percent compared to last filing season, and the average refund is more than $3,400.
Workers and job creators alike are benefiting from the most pro-worker legislation in American history.
As Labor Secretary, I’ve spoken with countless manufacturers, business leaders and union members who are directly benefiting from President Trump’s tax relief.
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New hires, new factories and new equipment purchases are just some of the investments manufacturers and small business owners are making thanks to President Trump.
The Labor Department is committed to advancing President Trump’s America First agenda to unleash the American economy, strengthen our workforce and put more money back in the wallets of working families.
Due to the WFTCA’s provision enabling 100 percent immediate expensing for manufacturing equipment, businesses that I have visited, like STIHL USA in Virginia Beach, will be able to scale up operations and create jobs.
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The results of these policies speak for themselves: Last month alone, the economy added 178,000 new jobs, including 15,000 in the manufacturing sector.
After years of decline and stagnation under the Biden administration, President Trump is driving a renaissance in job growth through tax savings that are creating a more secure future for all Americans.
Real Savings for Working Americans
With provisions like no taxes on tips, overtime and Social Security now in place, the Working Families Tax Cuts are enabling Americans to keep more of their hard-earned paychecks.
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Thanks to the elimination of taxes on overtime, first responders like police officers, firefighters and EMTs who work around the clock to keep us safe will receive the pay they deserve for their service. Over 25 million taxpayers have claimed the overtime deduction, with an average deduction of more than $3,100.
The president’s historic tax cuts don’t just help existing workers — the law also creates new opportunities for America’s future workforce.
In Kansas City, I met with local law enforcement officials who shared what this tax relief will mean for their community. Brandon, a recruitment officer, told me that "this is going to help us out a great deal" in encouraging future police officers to join the force.
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Shift workers in service industries, like bartenders and restaurant servers, also benefit from the elimination of taxes on tips, which has led to average savings of $7,100 per taxpayer.
Furthermore, more than 34 million families have claimed the enhanced Child Tax Credit, which is permanently doubled and expanded by the Trump tax cuts — putting more money in the pockets of hardworking families.
President Trump’s tax cuts are a huge victory for the American people, and these savings will have a compounding economic impact.
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Every dollar saved through President Trump’s pro-growth policies is another dollar workers, families and business owners can invest back into their homes, companies and communities.
Investing in Workforce Development
The president’s historic tax cuts don’t just help existing workers — the law also creates new opportunities for America’s future workforce.
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The Working Families Tax Cuts expand and modernize Pell Grants for students pursuing short-term technical education and skills-training programs, paving the way for future tradesmen and tradeswomen to succeed.
As part of the Labor Department’s efforts to Make America Skilled Again, we’re investing in educational pathways that provide an alternative to the traditional four-year degree model, helping more young Americans "earn while they learn" and find mortgage-paying, in-demand jobs in critical sectors.
Since President Trump has taken office, the Labor Department has added more than 377,000 new registered apprentices and more than 3,200 new Registered Apprenticeship programs throughout the United States.
We’ll continue carrying out President Trump’s pro-growth policies to strengthen workforce readiness and fill in-demand roles that will continue to power our nation’s economic comeback.
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This tax season, working families have seen historic savings and new economic opportunities thanks to the most pro-worker tax relief in American history.
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The Labor Department is committed to advancing President Trump’s America First agenda to unleash the American economy, strengthen our workforce and put more money back in the wallets of working families.
Under President Trump’s bold leadership, the best is yet to come for the American worker.
Lori Chavez-DeRemer is the 30th secretary of labor.
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