Many Americans could see heftier tax refunds next year when they file their 2025 tax returns, largely due to new provisions enacted through the Republicans' " one big, beautiful bill " act that are retroactive to the start of the current year, according to an analysis from Oxford Economics.

Total taxpayer savings could amount to an additional $50 billion through bigger tax refunds or a cut in their 2026 taxes, Oxford lead economist Nancy Vanden Houten wrote in the Oct. 21 report.

A $50 billion boost in tax refunds would represent an 18% increase from the $275 billion in refunds the IRS sent this year to nearly 94 million taxpayers who overpaid on their 2024 federal tax returns, according to data from the agency. The average refund in 2025 was $2,939, according to the IRS.

The "bi

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