Reducing the tax burden on U.S. manufacturers, services workers, and retirees will be a critical priority for the incoming Trump administration, Trump Treasury nominee Scott Bessent will tell a Senate panel Thursday, according to prepared remarks.
“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,” Bessent plans to tell the Senate Finance Committee.
Bessent has been largely behind the scenes in the months since Trump tapped the South Carolina-based billionaire investor to be Treasury Secretary. He has been meeting with Senators from both the Republican and Democratic parties in recent weeks and is expected to be approved for the cabinet position.
Lawmakers are expected to question Bessent on tariffs, proposals to establish a Bitcoin reserve, the future of Fannie Mae and Freddie Mac, tax cuts, Russian sanctions, and U.S. currency policy. According to prepared remarks reviewed by Breitbart News, Besset will say that maintaining the dollar as the world’s reserve currency is important for the economic health of U.S.