Grassley: Iowans Can Expect Some of the Largest Tax Refunds in History Thanks to Republicans’ Working Families Tax Cuts Law

Floor Remarks by Senator Chuck Grassley of Iowa Senate President Pro Tempore “Start of 2026 Tax Filing Season” Tuesday, January 27, 2026 VIDEO 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 [Cuts law.] That act prevented the largest tax increase in the nation’s history. These tax cuts pave the way for economic growth and will deliver substantial savings to hard-working families. Congress made several provisions from the 2017 tax law to make it permanent. This includes keeping lower individual marginal tax rates, upholding the 20% 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 Cuts adds for them. -30-