Bessent stated his intention to work toward making the TCJA tax cuts permanent
The U.S. Senate Finance Committee held a hearing yesterday to consider the nomination of Scott Bessent as the next U.S. Treasury Secretary.
In his testimony before the committee, Bessent stated his intention to work toward making the TCJA tax cuts permanent:
As we begin 2025, Americans are barreling towards an economic crisis at year's end. If Congress fails to act, Americans will face the largest tax increase in history, a crushing $4 trillion tax hike. We must make permanent the 2017 Tax Cuts and Jobs Act and implement new pro-growth policies to reduce the tax burden on American manufacturers service workers and seniors. I have already spoken with several members of this Committee, as well as leaders in the House about the best approach to achieving these important goals together.