Scott Bessentspoke about his economic plans while sitting for his confirmation hearing before the Senate Banking Committee on Thursday.
Bessent is an investor, political donor, and a hedge fund manager.
He is a former partner at Soros Fund Management, liberal philanthropist George Soros investment firm.
Scott Bessent takes his seat as he arrives for a Senate Finance Committee hearing on his nomination to be Secretary of the Treasury, on Capitol Hill in Washington, D.C., on Jan. 16, 2025.ANDREW CABALLERO-REYNOLDS/AFP/Getty Images
Nevertheless, Bessent is a MAGA darling, and is expected to be confirmed by the Senate.
We must make permanent the 2017 Tax Cuts and Jobs Act, headdedwhen outlining his goals.
The2017 Tax Cuts and Jobs Actwas designed to disproportionately benefit the wealthy over the lower and middle classes.
In contrast, poor Americans will net a $70 tax cut.
This is the single most important economic issue of the day, Bessentsaid.
The memo was drafted by the Finance Committee staff under Sen. Ron Wyden (D-Ore.).
A spokesperson from the Trump transition denied the allegations.
Scott Bessent has paid his taxes, theysaid.
At the hearing, Wyden criticized Bessent, accusing him of avoiding paying into Medicare.
Mr. Bessent is a case in point.
The taxes that fund Medicare are automatic for the vast majority of Americans.
They come straight out of every paycheck.
Bernie Sanders (I-Vt.) that he is against raising the $7.25 an hour federal minimum wage.
I believe that the minimum wage is more of a statewide and regional issue, Bessent said.
It has been 16 years since the national minimum wage was increased.
)summed it uptoTheNew York Times,Bessent has spent his life helping the rich get richer.
