U.S. Secretary of the Treasury Scott Bessent addressed a business roundtable on Long Island on Mar. 30, outlining the Trump administration's economic agenda and recent tax policy changes aimed at supporting American workers, families, and small businesses.
Bessent said the administration's approach is built around trade, tax reform, and deregulation. He described these efforts as designed to create what he called "Parallel Prosperity" for both Main Street and Wall Street.
Bessent highlighted the Working Families Tax Cuts package introduced last year, which he said was delivering benefits across the country. "At the center of that effort is the Working Families Tax Cuts, a historic package the President delivered last year to support American workers, families, and businesses," Bessent said. He added that nearly half of all filers so far have benefited from at least one provision in this legislation.
He reported positive results from the current tax season: "I am pleased to share that the 2026 tax filing season has been a strong one thus far. Refunds are up more than 10%." According to Bessent, more than 4.6 million taxpayers have claimed a deduction for tips income while nearly 20 million have benefited from no taxes on overtime earnings.
For small businesses specifically, Bessent said that about 12 million owners are seeing average tax reductions close to $7,000 due to provisions such as an extended Small Business Deduction and restored deductibility for research and development expenses. The secretary also pointed out steps taken to reduce paperwork burdens by changing reporting requirements for various IRS forms.
Bessent announced another new initiative: Trump Accounts—a program he described as "the ultimate merger of Main Street and Wall Street." Under this plan, children born during President Trump's term will receive a $1,000 contribution invested in an index fund; all children under age eighteen are eligible if their parents file Form 4547 with their taxes this year.
Concluding his remarks before returning discussion back to local leaders at the event, Bessent said: "But ultimately, the real measure of success is what you all are experiencing on the ground. Today I am here to listen."
