The Senate is scheduled to vote Monday afternoon to confirm the president donald trump Choose to lead the Treasury Department.
The Senate voted 67-23 on Saturday to confirm Scott Bessent, who is expected to be confirmed on Monday.
Bessant recently appeared at a Senate Finance Committee confirmation hearing where he called for a term extension Tax Cuts and Jobs Act of 2017 Trump approved this during his first term.
“This is the most important economic issue today,” Bessant, a hedge fund billionaire from South Carolina, told lawmakers.
Trump Treasury Pick: Extending Trump tax cuts ‘most important economic issue’
Scott Bessent, Trump’s nominee for Treasury Secretary, said extending the 2017 Tax Cuts and Jobs Act is “the most important economic issue of our day.” (Vincent Alban/Bloomberg via Getty Images)
“If we don’t extend the extension, then we’re going to have an economic disaster,” Bessant said. “And, as always, because of financial instability, that falls on the middle class and the working class.”
Bessant warned that taxes on the middle class would rise “significantly” if the tax cuts expire.
Many of these reforms include Tax Cuts and Jobs Act of 2017 It is expected to end in 2025. Groups such as Americans for Prosperity, a grassroots network founded by the billionaire Koch brothers, claim that without continued tax cuts, millions of Americans will face tax increases of more than $1,500 by 2026.
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Investor and hedge fund manager Scott Bessent testifies before the Senate Finance Committee during a hearing on his nomination for Treasury secretary on Capitol Hill on January 16, 2025. (Getty)
But critics of Trump’s tax plan, including Democratic lawmakers such as Sen. Elizabeth Warren, D-Mass., and groups such as the liberal public policy institute Center for American Progress, argue the tax cuts Policies that benefit only the wealthy, and claims that these benefits fail to reach ordinary workers. .
However, Bessant said Trump and his administration will create a “golden age” of economic prosperity for all Americans.
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The Senate is expected to confirm Scott Bessent, appointed by President Donald Trump, as Treasury Secretary on January 27, 2025. (Kevin Lamarck/Reuters/File Photo)
“Today, I believe President Trump has a generational opportunity to usher in a new golden age of economics that will create more jobs, wealth and prosperity for all Americans,” Bessant said during his confirmation hearing.
Trump’s economic plan includes extending the 2017 tax cuts and imposing tariffs of 10% to 20% on all imported goods. For countries like China, this number may be as high as 60%.
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Bessent wrote an article before Fox News Digital Column Supported the use of tariffs and supported the Trump administration’s use of tariffs in multiple exchanges with lawmakers during the confirmation hearings.
The Treasury Department manages federal finances and oversees agencies, including the Internal Revenue Service.
