Scott Bessent, Trump’s pick for Treasury Secretary, said Thursday during his Senate Banking Committee hearing that extending the 2017 Trump tax cuts that are set to expire at the end of this year is “the single most important economic issue of the day.”
*** Not the price of eggs
“If we do not renew and extend, then we will be facing an economic calamity,” Bessent told the U.S. Senate Finance Committee. “If we do not fix these tax cuts, if we do not renew and extend, then we will be facing an economic calamity, and as always, with financial instability that falls on the middle and working class. We will see a gigantic middle class tax increase. We will see the child tax credit halved,” he added. “We will see the deductions halved…”
In an exchange with Sen. Raphael Warnock, Bessent could not define any income level that didn’t need tax cuts. No income levels should see a tax increase, according to Bessent.
