As Hoosiers begin filing their taxes, they will start to see bigger paychecks, larger refunds, and expanded opportunities to build long-term financial security because President Trump and Congressional Republicans passed the Working Families Tax Cuts.
“The Working Families Tax Cuts were designed to deliver real relief for Hoosiers and families across the country,” Rep. Yakym said. “By eliminating taxes on tips and overtime, expanding deductions for seniors, permanently doubling the standard deduction, and investing in the next generation through Trump Accounts, this legislation puts more money back into Hoosiers’ pockets. Families will see meaningful tax relief, stronger paychecks, and greater financial stability.”
KEY ELEMENTS OF THE WORKING FAMILIES TAX CUTS BELOW:
BIGGER TAX REFUNDS IN 2026
Americans will see historic refund levels this tax season:
- Nearly $4,000 average tax refund
- $100 BILLION in total tax refunds projected nationwide
- Refund levels among the highest in years
- 66% of the WFTC’s tax cuts benefit families earning less than $500,000
MORE MONEY IN EVERY PAYCHECK
Tax relief is boosting take-home pay all year long:
- Over $10,000 more in annual take-home pay for working families
- 15% average tax cut for Americans earning $15,000–$80,000
- More than 94% of middle-income working families receive a tax cut
PERMANENT TAX RELIEF FOR WORKING FAMILIES
The Working Families Tax Cuts locks in long-term tax benefits:
- Standard deduction permanently doubled — used by 90% of American taxpayers
- Lower tax rates and brackets made permanent — locks in reduced rates from the Trump tax cuts
TRUMP ACCOUNTS: A STRONG FINANCIAL START FOR EVERY AMERICAN CHILD
The Working Families Tax Cuts also establishes Trump Accounts, giving every newborn American a financial foundation from day one.
WHAT FAMILIES RECEIVE
- $1,000 federal contribution for every American child born between January 1, 2025 – December 31, 2028
- Account is fully in the child’s name, and parents are custodians until age 18
- Families have the option to contribute up to $5,000 per year
WHAT $1,000 BECOMES OVER TIME
Even without additional contributions, long-term growth can provide:
- $6,000 by age 18
- $15,000 by age 27
- $243,000 by age 55
All from a one-time $1,000 federal investment.
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