{"id":1050800,"date":"2025-01-16T13:05:53","date_gmt":"2025-01-16T18:05:53","guid":{"rendered":"https:\/\/democrats.org\/?p=1050800"},"modified":"2025-01-16T13:05:54","modified_gmt":"2025-01-16T18:05:54","slug":"%f0%9f%9a%a8-scott-bessent-trumps-tax-handouts-for-the-ultra-wealthy-are-single-most-important-economic-issue","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/%f0%9f%9a%a8-scott-bessent-trumps-tax-handouts-for-the-ultra-wealthy-are-single-most-important-economic-issue\/","title":{"rendered":"\ud83d\udea8 Scott Bessent: Trump\u2019s Tax Handouts for the Ultra-Wealthy Are \u201cSingle Most Important Economic Issue\u201d"},"content":{"rendered":"\n
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In response to Trump\u2019s treasury secretary nominee Scott Bessent doubling down on Trump\u2019s tax handouts to the ultra-wealthy, <\/em>DNC Rapid Response Director Alex Floyd released the following statement: <\/em><\/strong><\/p>\n\n\n\n

\u201cDonald Trump and Scott Bessent don\u2019t care about helping the middle class \u2014 just helping themselves to another round of tax handouts paid for by working families. Instead of focusing on lowering costs or continuing the economic progress made under the Biden-Harris administration, Trump\u2019s billionaire Treasury pick is telling us point blank his \u2018single most important economic issue\u2019 is tax giveaways for himself and the rest of Trump’s billionaire Cabinet.\u201d<\/p>\n\n\n\n

NEW: Treasury secretary nominee Scott Bessent doubled down on Donald Trump\u2019s agenda to give tax handouts to the ultra-wealthy, calling it the \u201csingle most important economic issue\u201d \u2013 and admitted that he\u2019s perfectly fine with treating wealth differently than wages paid to working families.<\/strong><\/p>\n\n\n\n

Scott Bessent<\/a>: \u201cThis is the single most important economic issue of the day. This is pass\/fail. If we do not fix these tax cuts, if we do not renew and extend, then we will be facing an economic calamity.\u201d<\/p>\n\n\n\n

\u2026<\/p>\n\n\n\n

Sen. Ron Wyden<\/a>: \u201cDo you believe the tax code should treat wages differently than it treats wealth?\u201d<\/p>\n\n\n\n

Bessent: *struggles to answer coherently* \u2026 \u201cIt is a decision that was made when the tax codes were written so \u2026\u201d <\/p>\n\n\n\n

Wyden: \u201cIt sounds to me like you do believe that it’s fine to treat wealth more favorably. I couldn\u2019t disagree more. The idea that a dollar earned by a hedge fund manager has more value than a dollar earned by a teacher or a factory worker, I just think it\u2019s a disconnect with the American people.\u201d<\/strong><\/p>\n\n\n\n

Trump is doubling down on his failed MAGAnomics agenda that puts billionaires and big corporations ahead of hardworking Americans.<\/strong><\/p>\n\n\n\n

Trump<\/a>: \u201cYou\u2019re all people that have a lot of money. \u2026 You\u2019re rich as hell. \u2026 We\u2019re gonna give you tax cuts.\u201d<\/strong><\/p>\n\n\n\n

Trump<\/a>: \u201cI will never let the Trump tax cuts \u2026 I will never let them be taken away.\u201d<\/strong><\/p>\n\n\n\n

Trump<\/a> on whether his second term tax policies would echo those of his first term: \u201cYes, and I\u2019d do even more taxes.\u201d<\/p>\n\n\n\n

Vanity Fair<\/a>: \u201cDonald Trump Wants to Give His Favorite Corporations Another Giant Tax Cut in a Second Term\u201d<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cThe former president\u2019s closest economic advisers are plotting an aggressive new set of tax cuts to push on the campaign trail and from the Oval Office if he wins a second term. Trump and his advisers have discussed deeper cuts to both individual and corporate tax rates that would build on his controversial 2017 tax law <\/strong>\u2026 Trump\u2019s advisers, though, have discussed proposals to make deeper cuts to the overall corporate tax rate, potentially to as low as 15 percent, or to use the revenue from the proposed tariffs to pay a dividend to U.S. households. Further cutting corporate taxes \u2026 would primarily benefit large firms.\u201d<\/strong><\/p>\n\n\n\n

REMINDER: Trump\u2019s tax scam gave massive handouts to the ultra-wealthy at the expense of working families and created new incentives for companies to ship jobs overseas.<\/strong><\/p>\n\n\n\n

Forbes<\/a>: \u201cTrump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018\u201d<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cFor the first time in history, U.S. billionaires paid a lower tax rate than the working class last year\u201d<\/strong><\/p>\n\n\n\n

CBS News<\/a>: \u201cTwo years after Trump tax cuts, middle-class Americans are falling behind\u201d<\/strong><\/p>\n\n\n\n

Washington Post Analysis<\/a>: \u201cOne of President Donald Trump\u2019s lesser-known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch.<\/strong> The financial burden that he\u2019s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt. The national debt has risen by almost $7.8 trillion during Trump\u2019s time in office. \u2026<\/p>\n\n\n\n

\u201cThe growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration, according to a calculation by Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center.\u201d<\/p>\n\n\n\n

Washington Post<\/a>: \u201cTrump promised \u2018America First\u2019 would keep jobs here. But the tax plan might push them overseas.\u201d<\/strong><\/p>\n\n\n\n

Trump owns the worst jobs record in modern American history.<\/strong><\/p>\n\n\n\n

Fortune<\/a>: \u201cTrump to leave office with the worst jobs record since Herbert Hoover\u201d<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cPresident Trump took office at the crest of the longest economic expansion in U.S. history. He leaves presiding over the worst labor market in modern U.S. history, as an already-sputtering economic recovery has turned negative.\u201d<\/strong><\/p>\n\n\n\n

Bloomberg<\/a>: \u201cTrump\u2019s Jobs Record Fell Short of Promises Even Before the Virus\u201d<\/strong><\/p>\n\n\n\n

###<\/p>\n","protected":false},"excerpt":{"rendered":"

In response to Trump\u2019s treasury secretary nominee Scott Bessent doubling down on Trump\u2019s tax handouts to the ultra-wealthy, DNC Rapid Response Director Alex Floyd released the following statement:  \u201cDonald Trump and Scott Bessent don\u2019t care about helping the middle class \u2014 just helping themselves to another round of tax handouts paid for by working families. 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