5 Takeaways From Bessent’s Confirmation Hearing for Treasury Secretary

Contact Your Elected Officials
The Epoch Times Header

Tax cuts and tariffs were on the docket for Scott Bessent’s confirmation hearing.

Nominee for secretary of the Department of the Treasury Scott Bessent has vowed that when President-elect Donald Trump returns to the White House, he will unleash “a new economic golden age.”

Bessent, a billionaire hedge fund manager, appeared before the Senate Finance Committee for his confirmation hearing in Washington on Jan. 16. Democrats asked questions about tax policy, tariffs, and other pressing economic issues.

“As President Trump has said, we will unleash the American economy by implementing pro-growth regulatory policies, reducing taxes, and unleashing American energy production,” Bessent told lawmakers.

Here are five key takeaways from the hearing:

1. Trump Tax Cuts

The 2017 Tax Cuts and Jobs Act (TCJA) was a key subject for senators at the Jan. 16 hearing. Over the coming weeks, Congress will debate whether to extend the Trump-era tax cuts or let them expire.

The incoming administration’s chief economic priority would be keeping the TCJA intact. Not doing so would cause “an economic calamity,” according to Bessent.

“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 people.

“We will see a gigantic middle-class tax increase. We will see the child tax credit halved. We will see the deductions halved … it has the potential for a sudden stop.”

The senators presented differing views on the TCJA’s effects.

Democrats noted that the tax policy was heavily skewed toward the wealthy.

“That has burdened the American people with another $2 trillion of debt that their kids and grandkids are going to have to pay back,” Sen. Michael Bennet (D-Colo.) said. “Despite the conversation we’ve heard over here, clearly, you know the distribution shows it was deeply, deeply, deeply unfair.”

Bessent disagreed with this categorization, saying the share of taxes paid by the wealthy increased after the TCJA’s implementation. Working families registered real (inflation-adjusted) wage gains in 2018 and 2019.

According to Bureau of Labor Statistics data, real hourly compensation rose about 5 percent during these two years.

By Andrew Moran

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Obama Floats ‘New Forms of [State-Controlled] Journalism’

Notorious nemesis of civil liberties one and all, Barack Obama, ]apparently endorses a heavy state hand in the “regulation” of information.

Privilege Is Financial, Not Racial

If we stay divided by race, we’ll keep fighting each other while the true elites of all races thrive unseen, counting their wealth in comfort.

California Repeats Illinois’ History, PROSECUTE Newsom!

California may have improperly licensed 62,000 illegal aliens as Commercial Driver’s License (CDL) truck drivers.

The Stage Is Set For A US-Instigated Security Dilemma Between The Eurasian Rimland & Heartland

The US sends mixed signals on the Sino-Russo alliance after Trump downplayed concerns while Hegseth said he was ordered to “re-establish deterrence.”

Chambers of Horror

Using a shutdown to legislate is like using a flame thrower to light a candle, it provides light momentarily but destroys everything in its path.

Brooke Rollins Denies USDA Has Money to Fund SNAP as Suspension Looms

Agriculture Sec. Brooke Rollins denied reports that her agency has money to pay for the SNAP that will be cut or suspended for beneficiaries Nov. 1.

FBI Foils Alleged Halloween Terror Plot, Arrests Multiple Suspects in Michigan

The FBI prevented a potential terrorist attack over Halloween weekend and arrested multiple suspects in Michigan, FBI Director Kash Patel said on Oct. 31.

Vance Warns Holiday Travel Could Be ‘Disaster’ If Government Does Not Reopen

Vice President JD Vance warned on Thursday that holiday travel will be a “disaster” if the government shutdown does not end.

Trump Admin Cuts Quota for Refugees, Prioritizes Afrikaners

Trump admin slashed quota for refugees and prioritized Afrikaners “and other victims of illegal or unjust discrimination in their respective homelands.”

US, South Korea Finalize Trade Deal Reducing Tariffs, Boosting American Investment

The U.S. and South Korea finalized a major trade deal on Oct. 29 as President Trump wrapped up the final hours of his Asian tour on the Korean Peninsula.

Trump, Japanese PM Sign Critical Minerals, Rare Earths Deal

The U.S. president visited Tokyo on the second leg...

Trump Hikes Canada’s Tariffs by 10 Percent for Not Pulling Anti-Tariff Ad Immediately

Trump announced he will increase tariffs on Canada by 10% after ad by provincial government of Ontario misrepresented President Reagan’s speech on tariffs.

Trump Rolls Back Emissions Rules on Copper Smelters

President Trump issued a proclamation aimed at reversing a Biden-era environmental rule that enforced stricter air emission standards on copper smelters.
spot_img

Related Articles

Popular Categories

MAGA Business Central