Chuck Grassley: “Yesterday marked the start of the 2026 tax filing season. This year, taxpayers can expect to see some of the largest tax…”

“Yesterday marked the start of the 2026 tax filing season. This year, taxpayers can expect to see some of the largest tax refunds in history. That, of course, is thanks to our enactment of the legislation called the Working Families Tax Cut Act. That act prevented the largest tax increase in the Nation's history. These tax cuts paved the way for economic growth and will deliver substantial savings to hard-working families. Congress made several provisions from the 2017 tax law permanent. This includes keeping lower individual marginal tax rates, upholding the 20-percent deduction for qualified business income, and restoring full expensing for research and development and capital expenditures. It also maintains the expanded standard deduction and the doubling of the child tax credit from $1,000 to $2,000. The tax bill also includes new tax relief measures. This includes an additional $200 boost for the child tax credit, along with indexing that tax credit for inflation. Seniors benefit from an additional $6,000 deduction per qualified individual. Moreover, hard-working middle-class Americans can deduct their overtime pay and tips for the very first time, leaving more money in their pockets. So I come to the floor to state these facts but, more importantly, to encourage Iowans to file their tax returns sooner rather than later to see the impact on their family's economic status that the Working Families Tax Cut has for them.”