Disappointing tax refunds 'won't save the midterms' for Trump: policy experts
Source: Alternet.org · Bias: Left
Summary
As Americans file their 2025 taxes, they're finding they're not getting the huge returns that President Donald Trump and the GOP promised. MetLife published a report that CNBC's Carl Quintanilla cited on X, saying that the report claims "tax refunds are disappointing." According to the data he cited, "aggregate payments are up 4 percent or just $7 billion" in the fiscal year to date. "On net, the stimulative effect of tax refunds between 2025 and 2026 is likely to be well below market expectations. Further, research from Bank of America suggests that only 19 percent of consumers are expecting to spend money based on tax season cash flow," the report said, according to a screen capture by CNBC anchor Kelly Evans. The information was sent to press by MetLife's chief market strategist from MetLife Investment Management (MIM).Erica York, the vice president of federal tax policy at the pro-business, center-right Tax Foundation, disputes the data, saying that theirs shows something different. She said that the GOP's "One Big Beautiful Bill" law helped taxpayers by 9.4 percent. According to their data, aggregate payments were up to $12 billion.Experts said that this data isn't what Republicans were hoping for as they head into the midterm elections. "Not a great stat for Republican lawmakers who plan to run on the amount of [money] Americans are saving thanks to the tax bill they passed last year," said CNBC's Washington correspondent Emily Wilkins."This is what Republicans were counting on to save the midterms before Trump pushed the $5 gas button [by the way]," agreed Alex Jacquez, chief of policy and advocacy at GroundWork.Deputy head of US policy at the investment bank Piper Sandler, Donald Schneider, explained that it isn't the right way to view tax refund data. "They are coming in as expected when we look at data for the filing season (after Jan 26). Refunds are up $13 [billion], non-withheld payments down $12 billion, and [One Big Beautiful Bill Act] beneficiaries file now, not in Jan/Feb," he said.
Related Coverage
- Melania gives Congress private deadline as she works around Trump's team: report (Far Left — Raw Story)
- Trump announces pardons for pollution violators prosecuted for "fixing their car" (Center — Politics - CBSNews.com)
- Trump Pardons Six People Pursued for ‘Fixing Their Car’ (Center — Bloomberg Politics)
- Sources: Trump likely to pardon pollution violators; weighing clemency for Diddy (Center — Politics - CBSNews.com)
- Fox host warns Trump will pay for his 'breathtaking' corruption (Left — Alternet.org)
- Trump Scores Appeals Court Victory in Battle Over National Park Historical Displays (Right — RedState)
- Signs of Victory: I-95 Welcomes President Donald Trump Int'l Airport (Right — RedState)
- Trump’s ‘ramped up’ rhetoric leaves unifying tone of July Fourth speech in question (Center Left — NBC News Politics)
More Headlines From March 12, 2026
- U.S. investigates strike on Iranian school as the war sparks a global oil crisis (Center)
- Live updates: Energy secretary emphasizes ‘short-term’ spike in oil prices; Senate to take up DHS funding (Center)
- Trump releasing 172M barrels of oil from reserve as prices soar amid Iran war (Center)
- Oil price surges as Iran steps up attacks on ships in the Persian Gulf (Center)
- Three more ships struck in the Persian Gulf as Iran warns of oil prices hitting $200 (Center)





