@pbsnews: Scott Bessent, President-elect Donald Trump’s nominee to run the Treasury Department, told senators Thursday that extending tax cuts that are set to expire at the end of 2025 is “the single most important economic issue of the day.” “This is pass-fail,” Bessent said, warning that “if we do not fix these tax cuts, if we do not renew and extend, then we will be facing an economic calamity. And, as always with financial instability, that falls on the middle and working-class people.” The comments from Bessent, a billionaire hedge fund manager, came during his confirmation hearing before the Senate Finance Committee. He was asked about the 2017 Tax Cuts and Jobs Act, which was enacted during Trump’s first term and made major changes to the tax code for individuals and businesses. Democrats on the committee argued during the hearing that if Trump extended parts of the law past this year, the wealthiest taxpayers would benefit while the $36 trillion national debt would grow. #pbsnewshour #pbsnews #newshour #trumpadministration #senate #congress #capitolhill #government #news #taxes #taxcuts #economics #taxcode #finance

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Friday 17 January 2025 00:09:02 GMT