Scott Bessent warns of a massive tax increase if Congress doesn’t back Trump’s plans
Washington: So, Scott Bessent, the Treasury Secretary nominee, is sounding the alarm. He says if Congress doesn’t get behind Trump’s economic plans, we could be looking at a staggering $4 trillion tax hike. That’s a big deal, right?
In his upcoming Senate hearing, Bessent plans to share his thoughts on how Trump has a chance to kickstart a new economic boom. He believes this could lead to more jobs and wealth for everyone. Sounds hopeful!
Bessent emphasizes the need to secure our supply chains and use sanctions wisely to protect our national security. Plus, he insists we must keep the U.S. dollar as the top currency in the world.
He’s also pushing for smart investments that actually help the economy instead of just wasting money and fueling inflation. It’s all about making the 2017 tax cuts permanent and creating new policies that ease the tax load on American workers.
He shared a bit about his background, too. Growing up in South Carolina, he faced tough times early on. He started working at just nine years old, and that shaped his views on the economy.
Bessent believes Trump is the first president in a long time to really focus on changing trade policies for the benefit of American workers. He’s optimistic that with the right support, we can enter a new era of prosperity that lifts everyone up.
