IRS Expects 'Gigantic' Tax Refunds for Americans

Over the next few months leading up to the April 15 deadline, people across the United States will be filing their federal income taxes. When they do, it sounds like many Americans could be in for a pleasant surprise.

Over the past few weeks, Treasury Secretary Scott Bessent, who also serves as the acting director of the Internal Revenue Service (IRS), has been sharing that many Americans should expect "gigantic" and "very large" refunds this year as a result of some significant rewrites to the tax law in the United States.