Trump’s Billionaire Treasury Pick Stresses Importance of Tax Cuts for Billionaires: Report

President-elect Donald Trump’s Treasury Secretary nominee, billionaire hedge fund manager Scott Bessent, emphasized the extension of Trump’s 2017 tax cuts for the ultra-wealthy as the nation’s most critical economic issue during his Senate confirmation hearing. Bessent, a former partner at George Soros’ investment firm turned MAGA supporter, argued that making these cuts permanent would spark a “new economic golden age,” despite criticism of their disproportionate benefits to the wealthiest Americans,as reported by Rolling Stone.

The 2017 Tax Cuts and Jobs Act, which heavily favors the top 0.1% of earners, would reportedly cost $4 trillion over a decade if extended. While Bessent pledged to offset this through budget cuts, Senate Democrats highlighted concerns over his tax history, alleging he owes nearly $1 million in self-employment taxes and has used loopholes to avoid paying into Medicare. Bessent denied these claims, with the Trump transition team defending his tax compliance.

Bessent also opposed raising the federal minimum wage, calling it a “statewide and regional issue,” despite it remaining at $7.25 for 16 years. Critics, including Senators Bernie Sanders and Elizabeth Warren, accused Bessent of prioritizing the interests of the wealthy over the middle and working classes, with Warren summarizing, “Bessent has spent his life helping the rich get richer.”