U.S. Secretary of the Treasury Scott Bessent has expressed support for the Senate's introduction of the One, Big, Beautiful Bill Act. The bill aims to extend tax relief measures initiated under President Trump. In his statement, Bessent emphasized the importance of the legislation in preventing what he described as "the largest tax hike in history" and highlighted its benefits such as "No Tax on Tips," "No Tax on Overtime," and new tax cuts for seniors.
Bessent noted that the bill is designed to keep the United States attractive for global capital investment while safeguarding American businesses and workers from foreign taxes. He stated that passing this legislation would provide "permanence and certainty" for both individual taxpayers and businesses, which he believes will stimulate economic growth.
The Secretary concluded by expressing a commitment to working with both the Senate and the House to refine the bill further before it reaches President Trump's desk.
