Secretary Scott Bessent told the Senate Finance Committee on June 3 that the Trump administration’s 2027 budget builds on progress from the Working Families Tax Cuts. The bill produced the most successful IRS filing season in history, with more than 62 million taxpayers claiming at least one of the new cuts, raising average refunds by over 11 percent and total refunds by 18 percent. It also prevented a projected $5 trillion tax hike, protecting 90 percent of taxpayers from standard‑deduction cuts and 40 million families from a halved child tax credit. The administration also launched Trump Accounts, opening nearly 6 million accounts and offering a $1,000 seed contribution to 1.4 million eligible children. Trade gains include a $369.8 billion reduction in the goods deficit and 313,000 net private‑sector jobs. Deregulation efforts yielded a 129‑to‑1 cut‑to‑new‑regulation ratio in 2025, generating more savings than the previous administration combined.
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