Historic Tax Filing Season Brings Larger Refunds to More People, More Quickly

Washington, D.C.-At a U.S. Senate Finance Committee hearing with Internal Revenue Service (IRS) CEO Frank Bisignano, Chairman Mike Crapo (R-Idaho) highlighted the significant tax relief tens of millions of hardworking families and job creators are experiencing this filing season, thanks to the Working Families Tax Cuts.

According to Bisignano, "Thanks to the legislation signed into law, we are seeing historically high refunds and adoption of the President's key tax initiatives at levels that surpassed expectations."

"I think it's actually exceeding expectations," he added. "More than eighty million Americans have had refunds-that's the most ever. So, when we think about the refunds, we paid out 16 percent more. … When you take all refunds, 90 percent of them have been paid within 21 days. Larger refunds to more people quicker."

Click HERE to watch Senator Crapo's opening statement and HERE or above to watch Crapo question Bisignano.

On how the Working Families Tax Cuts prevented a historic tax hike:

Crapo: "Had the 2017 Trump tax cuts expired, taxpayers earning less than $400,000 would have faced a $2.6 trillion tax hike over the next decade. Not only did Republicans make those tax cuts permanent, but the Working Families Tax Cuts also delivered significant new middle-class relief."

On providing significant new tax relief:

Crapo: "With the individual tax filing deadline today, the results are in-and the data speak for themselves. The filing season opened on time. Through April 10, the IRS received about 120 million returns and issued about 80 million refunds, millions more than last year. Average refunds increased about 11 percent to over $3,400. Refunds totaled almost $274 billion, tens of billions more than last year. New provisions for tips, overtime, car-loan interest and senior deductions were claimed on over 53 million returns, nearly half of all filings. These figures indicate the IRS has done its job to ensure delivery of significant new middle-class tax relief."

On the 53 million Americans taking advantage of new tax relief:

Crapo: "In addition to the tax relief Americans were given by not letting their taxes increase, could you give us the latest IRS data on how many taxpayers have claimed no tax on overtime, no tax on tips, no tax on Social Security, and no tax on American-made car interest loan deduction? How many people have signed up for Trump Accounts?"

Bisignano: "Thirty million [have claimed] the senior benefit. Six million filers have claimed no tax on tips, twenty-five million filers have had no tax on overtime, and one million for the car loan deduction. When you look at all this, it's the reason we talk about historic refunds. The largest amount of refunds-80 million going out and over $280 billion in refunds-we have 10 percent more people receiving a refund this year, while refunds on the absolute are up 11 percent, and total refunds are at 16 percent. And for Trump Accounts… five million have been opened up for dependents, with one million for newborns this year already."

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