Scott Bessent, Trump’s Treasury nominee, argues against raising taxes on the wealthy and emphasizes the need to control federal spending.

Washington: So, Scott Bessent, the guy Trump picked for Treasury, had his confirmation hearing. It was pretty lively, with a lot of talk about taxes and tariffs. Bessent, a hedge fund manager, kept pointing back to Trump’s plans while sharing his own views.
Most of the GOP senators were on his side, but the Democrats were a bit skeptical. They didn’t seem too worried about him, unlike some other nominees. Mike Crapo, the committee chair, praised Bessent’s qualifications, saying he’s perfect for the job.
But Oregon’s Ron Wyden wasn’t impressed. He wanted someone who’d look out for everyone, not just the rich. He hoped for a more balanced approach to taxes. Lindsey Graham, a Republican senator, backed Bessent, saying he’s super qualified.
They talked a lot about the 2017 tax cuts, which are set to expire soon. Bessent thinks extending those cuts is crucial for the economy. He believes that if they don’t, it could lead to a financial mess, especially for middle-class folks.
He also mentioned that he doesn’t think anyone should face higher taxes, even those making over a million bucks. He argued that raising taxes on the wealthy could hurt small businesses, which is a big deal.
On the spending side, Bessent said the real issue isn’t that the government isn’t collecting enough taxes; it’s that it’s spending too much. He called it a “spending problem” and said Congress needs to get a grip on it.
He pointed out that the government spent way more than it brought in last year, leading to a big deficit. Bessent thinks cutting domestic spending could help balance the budget, but that might come with some tough consequences.
He also touched on the IRS’s new program that lets people file taxes for free. He said he’d keep it going for this tax season but would need to look into it more if confirmed.
When it comes to tariffs, Bessent didn’t give too many details but hinted at some plans. He thinks tariffs could help with trade issues and raise revenue. He’s not worried about them raising prices for Americans, but some senators disagreed.
On the minimum wage, he’s not in favor of raising it above $7.25, saying it’s more of a local issue. And regarding Russia, he’s all for tightening sanctions to help end the war in Ukraine.