Treasury Reports 97 Percent of Tax Filers Received Cuts Totaling $82 Billion

Treasury Department data released Tuesday showed 97 percent of tax filers received a cut this year, totaling $82 billion in relief. The reductions stem from the One Big Beautiful Bill Act enacted last year. Without the new law, those filers would have faced a $5 trillion tax increase from the expiration of the 2017 tax law, Treasury officials said.

Filers earning between $100,000 and $200,000 received an average cut exceeding $1,250. Those earning between $50,000 and $100,000 received an average cut of more than $815. More than 7.5 million workers claimed the no-tax-on-tips provision, reducing their taxable income by an average of $7,000.

Over 29 million filers claimed the no-tax-on-overtime deduction, trimming an average of $3,100 from their tax bills. The doubled standard deduction simplified filing for 127 million filers, or 90 percent of all returns filed.

More than 5.5 million Trump Accounts have been opened under the law. Of those, 1.4 million children qualify for pilot $1,000 contributions, and 86 percent of account holders earn less than $200,000. The House and Senate passed the legislation in July, with every Democrat and two Republicans voting against it. The president signed the bill into law on July 4.