President Donald Trump said on Tuesday that 2026 is set to be the“largest tax refund season ever” and that the government will distribute refunds funded by tariff revenue collected over the past year.

During a cabinet meeting, Trump said tariff collections had reached levels significant enough to return money directly to households.“We're going to be giving back refunds out of the tariffs because we've literally taken in trillions of dollars,” he said.“We're gonna be giving a nice dividend to the people in addition to reducing debt.”

“Next year is projected to be the largest tax refund season ever.” – Donald J. Trump, U.S. President

Fed Chair Decision Coming In Early 2026

Trump also said he plans to announce his nominee for Federal Reserve Chair in early 2026, for when Jerome Powell's term ends in May. He repeated his criticism of Powell, referring to him as a“real dope” and a“stubborn ox,” and said his preferred pick would have been U.S. Secretary of the Treasury Scott Bessent, who declined the role to remain in his current position.

Trump repeated his long-standing ambition to eventually eliminate federal income taxes.“In the not-too-distant future, you won't have income tax to pay. Because the money we're taking in is so enormous,” he said, again pointing to tariff revenue as the foundation for that vision.

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