Secretary of Treasury Nominee Scott Bessent Clarifies Tax Cuts as the Top Priority

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.”

“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…”

There it is.Trump’s Treasury nominee just said “extending” Trump’s tax handouts for billionaires is their TOP priority: “This is the single most important economic issue of the day.”

Brian Tyler Cohen (@briantylercohen.bsky.social) 2025-01-16T17:22:17.049Z

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.

Scott Bessent dodged a simple question from @wyden.senate.gov: Who pays for Trump’s blanket tariffs? The answer is clear—American workers and small businesses. No matter how Bessent tries to "gussy it up," these tariffs are just a tax hike on everyday Americans.

Accountable.US (@accountable-us.bsky.social) 2025-01-16T17:58:07.080Z

“In a Trump economy, the winner’s circle is small—dominated by the ultra-wealthy while working families are left behind. Americans want change, but they won’t get it from Scott Bessent or Donald Trump.” – @wyden.senate.gov #senateconfirmation #senatehearing

Accountable.US (@accountable-us.bsky.social) 2025-01-16T16:22:21.809Z

CNBC, Reuters