Nearly half of Americans are claiming tax benefits in the OBBB
The latest tax season has brought about some positive news for American taxpayers, with Treasury Secretary Scott Bessent revealing that 44% of tax returns, equating to 37.5 million Americans, have benefited from new tax policies included in the One Big Beautiful Bill. These policies include no tax on tips, no tax on overtime pay, no tax on Social Security, and deductions for car loan interest. Additionally, over 6 million Americans have taken advantage of Trump accounts, a new tax-advantaged investment account for children aimed at encouraging early investment.
As of March 25, more than 85.4 million people have already filed their taxes, with the average tax refund seeing an increase of over 10% compared to last year, reaching $3,569.72, up from $3,233.17 in 2025. The strong tax season comes amidst rising oil prices driven by the conflict in Iran, sparking concerns about the potential impact on the US economy and consumer spending.
Despite these challenges, Bessent expressed confidence in the economy’s ability to weather these disruptions, highlighting that the administration is taking steps to mitigate the effects of the conflict. Measures such as issuing temporary sanction waivers on Iranian and Russian oil in transit and authorizing the release of barrels from the Strategic Petroleum Reserve are part of a coordinated effort to stabilize the global oil market.
While the price of West Texas Intermediate crude oil has seen fluctuations, currently trading around $95 per barrel, the administration remains vigilant in ensuring a stable oil market. The release of stranded oil supplies at sea and the 60-day waiver of the Jones Act to allow foreign ships to transport oil between US ports are some of the strategies being employed to bolster oil supplies.
As the situation continues to evolve, it is crucial to stay informed about the latest developments. For more insights on how the ongoing conflict could impact gas prices and the economy, follow veteran financial journalist Jennifer Schonberger on her coverage of markets, the economy, and investing at Yahoo Finance. Stay updated on the latest financial and business news by signing up for the Mind Your Money newsletter and exploring personal finance tips on investing, debt management, home buying, retirement planning, and more. Stay informed with the latest updates from Yahoo Finance.
