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Trump's Treasury Nominee Scott Bessent Faces Senate Grilling Amid Tax Allegations, Promises "Economic Golden Age"

Jan 16, 2025, 01:14 PM

Scott Bessent, President Donald Trump's nominee for Treasury Secretary, is set to face his Senate confirmation hearing before the Senate Finance Committee today. Bessent, a 62-year-old billionaire hedge fund manager from South Carolina, is expected to detail the incoming administration's economic priorities, including a call for a "new economic golden age" and what some refer to as "Trumponomics 2.0." He plans to advocate for making permanent the 2017 Tax Cuts and Jobs Act and implementing new pro-growth policies to reduce the tax burden on American manufacturers, service workers, and seniors, framing it as a "generational opportunity" to "stand up for American workers." His economic vision, sometimes called the "3-3-3" plan, may also be discussed. During the hearing, Bessent is anticipated to face questions from senators on a range of topics, including tariffs, tax cuts, Fed independence, and sanctions. Democrats are expected to challenge him on reports that he may have avoided over $950,000 in self-employment taxes between 2021 and 2023, and will be armed with tax data to support their claims. Despite the potential grilling on these issues, Bessent is widely expected to win confirmation in the Republican-controlled Senate.