Trump picks Wall Street veteran to lead US Treasury: What's his tax-cut plan?
A well-known finance expert gets nominated to run US Treasury department. His main focus will be on tax-cuts permanent status and removing several everyday taxes that affect regular workers
Donald Trump picked Scott Bessent as Treasury Secretary nominee last friday; making his tax-reform ideas clear right away. In a sunday Wall Street Journal talk Bessent shared his tax-cut roadmap which includes:
- Making Trumps first-term cuts permanent
- Removing taxes from tips earnings
- Cutting social-security benefit taxes
- Getting rid of overtime pay taxes
The nominee (who has been Trumps economic advisor and TV supporter) brings solid wall-street background - he worked with finance giants George Soros and Jim Chanos
This high-rank position means managing americas huge economy and $28.6-trillion debt market. The Treasury boss controls tax collection system financial rules and international money relations; its also responsible for checking foreign investments in US
The fresh pick shows clear pro-business direction: Bessent wrote opinion pieces supporting bank lending boost and more energy production. He wants to keep dollar strong as worlds main currency while putting new tariffs in place and cutting government spending
