Treasury Secretary Scott Bessent Advocates for Permanent Trump Tax Cuts

Treasury Secretary Scott Bessent has expressed that the White House is pursuing a permanent extension of the 2017 tax cut package implemented by Trump, rather than a temporary one before its expiration this year. Bessent warned that failing to extend these tax cuts would lead to the largest tax increase in history, adversely affecting the U.S. economy and budget deficit. The key provisions set to expire include reduced personal income tax rates, nearly doubled standard deductions, and expanded child tax credits. Bessent stressed the importance of securing the permanency of the 2017 Tax Cuts and Jobs Act for sustaining the United States as the leading global economy.