Taxpayers have more money in their pockets thanks to record tax refunds up over 11 percent and core inflation remains stable. 

WASHINGTON, D.C. – Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after the release of the Personal Consumption Expenditure (PCE) price index for March, showing core inflation was 0.3 percent as projected, and a preliminary estimate of 2026 first quarter (Gross Domestic Product) GDP growth of 2 percent, beating CBO’s projection of 0.6 percent real GDP growth: 

“After Joe Biden’s $10 trillion spending spree led to a 21 percent cost-of-living increase, President Trump and Republicans in Congress are laser-focused on affordability as their top concern, and today’s economic news shows that working-class families have more money in their pocket thanks to the pro-growth Working Families Tax Cuts. Personal income increased at the fastest pace in nearly a year, price increases on the majority of items remained flat in March, and initial jobless claims fell to the lowest level since the 1960s, on top of record tax refunds that were up over 11 percent. Inflation remains near a five-year low and prices on everyday items like eggs, dairy, and used cars and trucks are lower today than on January 20, 2025. Americans have seen real wage gains every month under President Trump and blue-collar manufacturing workers have completely regained the buying power they lost under the Joe Biden inflation crisis. After fourth quarter economic growth was tainted by Washington Democrats decision to inflict the longest shutdown in American history, robust economic growth returned in the first quarter, showing that if given a chance, Republican economic policies will deliver for working families.”