US President-elect Donald Trump’s nominee for Treasury Secretary Scott Bessantwill give priority to fulfilling electoral promises to reduce taxes, he told Wall Street Journal in an interview published on Sunday (24).
Bessent told the WSJ that the tax cut measures will include making tax cuts from Trump’s first term permanent, as well as eliminating taxes on tips, Social Security benefits and overtime pay.
Bessent will also focus on enacting tariffs, cutting spending and maintaining the dollar’s status as the world’s reserve currency, he told the newspaper in the interview.
Continues after advertising
Bessent, who has been a donor, economic adviser and Trump booster on TV, was named U.S. Treasury secretary by Trump on Friday.
Bessent spent his career in the financial sector, working for investment billionaire George Soros and famed short investor Jim Chanos, and advocated for tax reform and deregulation, especially to stimulate bank lending and energy production, as noted in a recent op-ed he wrote for The Wall Street Journal.
As U.S. Treasury Secretary, Bessent will essentially be the highest-ranking U.S. economic official, responsible for maintaining the world’s largest economy, from collecting taxes and paying the nation’s bills to managing the Treasury’s debt market. of 28.6 trillion dollars and oversight of financial regulation.
Continues after advertising
The head of the Treasury also directs U.S. financial sanctions policy, has influence over the International Monetary Fund, the World Bank and other international financial institutions, and manages national security screening of foreign investments in the United States.
FREE ACCESS
BONDS PORTFOLIO
