Most Americans expect 2026 tax hit but don’t know details – survey

Two successful 3 Americans expect that upcoming taxation instrumentality changes volition impact them personally successful 2026, yet a important stock stay unclear connected what the caller rules really mean for their finances, according to caller survey findings.

The poll, commissioned by TaxSlayer and carried retired by Talker Research, indicates that consciousness of changes linked to the One Big Beautiful Bill (OBBB) – besides referred to arsenic the Working Families Tax Cut – is comparatively high, but knowing is acold much limited.

Of those surveyed, 46% said they were alert that caller provisions nether the OBBB are present successful force. However, much than fractional of that radical (56%) admitted they bash not recognize however the changes use to their ain taxation situation.

The survey suggests that portion taxation developments are connected the radar for astir people, less are taking proactive steps to larn astir them.

Overall, 84% of respondents said they wage attraction to shifts successful taxation law, but lone 55% actively look into the specifics. Another 41% reported doing “little to no” probe connected taxation changes.

Despite this cognition gap, 67% judge the caller rules volition impact them connected a idiosyncratic level, and astir 1 successful 5 expects those effects to beryllium substantial.

Respondents reported being astir alert of changes tied to deductions for tips and overtime, the higher Child Tax Credit, and the removal of immoderate credits related to vigor ratio and electrical vehicles.

The survey besides highlighted a wide scope of assurance levels astir taxation literacy. While 59% felt they person a basal knowing of however income taxation is calculated, lone 16% of women and 25% of men described themselves arsenic highly assured successful their taxation knowledge.

Younger adults were much apt to accidental they recognize the strategy well: 31% of Gen Z participants claimed they recognize taxes “very well”.

Seth Babb, caput of user products astatine TaxSlayer, said: “What we are seeing is simply a wide spread betwixt knowing taxation laws are changing and knowing what those changes really mean. That is wherefore accessible, reliable guidance is truthful important close now.”

Despite the impending reforms, astir respondents bash not expect melodramatic shifts successful their contiguous taxation outcomes. More than fractional (52%) judge that some their liability and refund this twelvemonth volition beryllium akin to past year’s amounts.

On average, taxpayers forecast a refund of $1,662, somewhat nether what they anticipated the erstwhile year.

Refunds are mostly viewed arsenic a means to screen mundane obligations alternatively than discretionary purchases. Some 57% said they program to enactment their refund towards indispensable spending specified arsenic paper repayments, groceries, location maintenance, rent, savings oregon utilities.