Trump’s Treasury Secretary Will Give Billionaires ANOTHER Round of Tax Handouts

In response to the Senate advancing Wall Street billionaire Scott Bessent’s nomination to be Treasury Secretary, DNC Rapid Response Director Alex Floyd released the following statement: 

“Donald Trump and his billionaire Cabinet only care about one thing: giving themselves another massive round of tax handouts on the backs of the middle class. Scott Bessent is a Wall Street billionaire who will rig the economy for himself and his ultra-wealthy friends at the expense of hardworking Americans. Just like the rest of Trump’s billionaire cronies, Bessent will be a disaster for working families and will follow Trump’s lead to put Wall Street over Main Street.” 

Today, Trump pushed through his Wall Street billionaire Treasury Secretary pick Scott Bessent after he admitted that giving the ultra-wealthy ANOTHER tax handout is “the single most important economic issue” for him. 

Manu Raju, CNN: “16-11, Senate Finance approves nomination of Scott Bessent for Treasury.”

Scott Bessent: “This is the single most important economic issue of the day. This is pass/fail. If we do not fix these tax cuts, if we do not renew and extend, then we will be facing an economic calamity.”

Sen. Ron Wyden: “Do you believe the tax code should treat wages differently than it treats wealth?”

Bessent: *struggles to answer coherently* … “It is a decision that was made when the tax codes were written so …” 

Wyden: “It sounds to me like you do believe that it’s fine to treat wealth more favorably. I couldn’t disagree more. The idea that a dollar earned by a hedge fund manager has more value than a dollar earned by a teacher or a factory worker, I just think it’s a disconnect with the American people.”

Sen. Raphael Warnock: “What about [those making more than] $1 billion?”

Bessent: “So again, that I think that these are the job creators.”

Sen. Warnock: “So there’s no income level for which you would support raising taxes? Is that fair?”

Bessent: “There is no income level …”

Bessent will help Trump rig the economy for billionaires and Wall Street at the expense of working people and build on Trump’s long and disastrous economic record of creating new incentives for companies to ship jobs overseas.

Washington Post: ‘Dancing in the street’: Some Wall Street banks are triumphant heading into Trump era

“‘The nation’s biggest banks have just in the past few weeks notched some major wins in Washington, as President-elect Donald Trump prepares to take office, promising even less regulation.’ …

“Consumer advocates say delays to tougher rules in the weeks after Trump’s win don’t bode well for consumer protection or financial stability. They also say Trump is likely to return to a practice of filling top positions with Wall Street executives. …

“Now, Trump officials who will have a say on how any future capital plans are crafted are expected to push for a revamped approach that could entail a much smaller capital increase for big banks, potentially saving the firms billions.

Washington Post: “For the first time in history, U.S. billionaires paid a lower tax rate than the working class last year”

The Guardian: “Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.”

Economic Policy Institute: “The TCJA overwhelmingly benefited the rich and corporations while overlooking working families”

Vox: “Trump said this tax break was for small businesses. It’s giving $17 billion to millionaires this year”

New York Times: “The 2017 corporate tax cuts signed into law by Mr. Trump have not increased government revenue … In fact, they have had the opposite effect.”

CBS News: “Two years after Trump tax cuts, middle-class Americans are falling behind”

Bloomberg: “The Offshoring of U.S. Jobs Increased on Trump’s Watch”

Washington Post: “Trump promised ‘America First’ would keep jobs here. But the tax plan might push them overseas.”

While Bessent is busy making sure his billionaire friends get more tax handouts, he openly refuses to fight to lower costs for working families and won’t stand in the way of Trump gutting Medicare, Medicaid, and the Affordable Care Act. 

Sen. Maggie Hassan: “If the president-elect were to propose a policy that you believe will increase prices, would you advise against it?”

Bessent: “I would … speak to President Trump about it. It is his decision. …” 

Sen. Hassan: “If you believe that a policy that is proposed by President Trump would increase prices, would you advise him against doing it? Yes or no?” 

Bessent: “I can’t answer that question because it’s a hypothetical.” 

Sen Ben Ray Luján: “Yes or no, will you recommend cutting Medicaid?”

Bessent: “Uh… I… It’s the business of Congress to do the budget and I am in favor of empowering states and I believe that for some states that will be an increase, for some states that will be a decrease.”

Sen. Luján: “Will you recommend cutting Medicaid to President Trump?”

Bessent “Uh, I will get back to you on this.”

Sen. Peter Welch: “With the tax credits that are set to expire, that family would have a $700 a month increase in their health care bill. That’s going to hammer them, that’s like $9,000. So my question to you is in putting together this tax proposal where you are going to have to be making recommendations about how to pay for it, will we continue to provide this help to Vermonters like this electrician in Brattleboro so that he doesn’t get hammered on health care premiums going well beyond what he can afford?

Bessent: “Senator, as we discussed in your office, and I haven’t had time to do my homework on this.”

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