Bessent says nearly half of US tax filers claim new deductions in Republican tax law

Treasury Secretary Scott Bessent said on Monday that individual tax refunds during the 2026 tax ‌filing season are up more than 10% over last year, ‌with nearly half of filers claiming new deductions offered in the Republican tax cut ​law passed last year. Bessent told Fox and Friends that 25% of the tax returns that the IRS has received so far have claimed a deduction for overtime premium pay earned in 2025, which he called "the ‌home run" of deductions.