Secretary Scott Bessent recently addressed the Appropriations Subcommittee on Financial Services and General Government, emphasizing the Treasury Department's commitment to improving national finances, job creation, and economic strengthening. He highlighted efforts to advance President Trump's economic agenda, focusing on tax and trade.
Bessent reported a successful tax filing season for the Treasury, noting increased efficiencies and reduced costs at the IRS. "Critics of the President’s efforts to modernize the IRS warned that the effort would result in a 10% shortfall in receipts. Instead, the opposite happened," he stated. The One Big Beautiful Bill Act aims to make 2017 tax cuts permanent, boosting certainty for individuals and businesses.
According to Bessent, "The One Big Beautiful Bill will raise take-home pay between $7,800 and $13,300 for the average family of four." The bill also incentivizes investment in US manufacturing with provisions like 100% expensing for new factories.
On trade matters, Bessent mentioned progress in rebalancing the global economy through deals such as the US-UK trade agreement. He expressed confidence following negotiations with China: "If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva—and I believe after our talks in London they will—then a rebalancing of the world’s two largest economies is possible."
Bessent concluded by noting improvements in inflation rates and labor market strength: "More than 500,000 private-sector payroll jobs have been added since January." He urged collaboration with Congress to further enhance prosperity for Americans.
