Millions of Americans are seeing lower tax bills under President Donald Trump’s sweeping tax package, according to new figures released by the Treasury Department.
New data, published on June 2, shows that 97 percent of tax filers benefited from tax cuts under the One Big Beautiful Bill Act, which Trump signed into law in July 2025.
However, critics argue that the legislation could significantly increase federal deficits in the years ahead.
According to Treasury officials, many taxpayers would have faced higher bills if key provisions of Trump’s 2017 tax reforms had been allowed to expire.
Average savings topped $1,200
Treasury figures show that taxpayers earning between $100,000 and $200,000 received average tax reductions of more than $1,250.
Those earning between $50,000 and $100,000 saved an average of more than $815.
The report also highlighted two of Trump’s major campaign promises from the 2024 election: tax relief on tips and overtime pay.
More than 7.5 million workers reportedly claimed the no-tax-on-tips provision, reducing their taxable income by an average of $7,000.
Meanwhile, more than 29 million taxpayers used deductions tied to overtime pay, lowering their taxable income by an average of $3,100. Treasury officials said most of those benefiting earned less than $100,000 per year.
Treasury Secretary Scott Bessent praised the results.
“Under President Trump, our federal tax code and system reflect the American people’s mandate to reject policies that punish success with tax hikes and embrace those that restore fairness, reward work, respect hard-earned paychecks, and reignite the American Dream,” Bessent said in a statement.
Critics point to growing deficits
While supporters argue the legislation puts more money back into American pockets and encourages economic growth, critics have raised concerns about its long-term impact on government finances.
The nonpartisan Tax Foundation said earlier this year that the law is expected to boost economic growth while also increasing federal deficits.
According to the organization’s analysis, the legislation could increase U.S. economic output by 1.2 percent in 2026, rising to 1.5 percent in the following years. The group attributed those gains to lower tax rates and incentives designed to encourage business investment.
Millions opened Trump Accounts
The legislation also created so-called Trump Accounts, savings plans intended to help families save for their children’s future.
Treasury officials say more than 5.5 million accounts have already been opened, with around 1.4 million children eligible for pilot contributions of $1,000.
According to the department, 86 percent of the accounts are linked to families earning less than $200,000 annually.
The tax package remains one of the defining domestic policies of Trump’s second term and continues to generate debate over whether the benefits of lower taxes outweigh concerns about the nation’s growing debt.
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