{"id":1050899,"date":"2025-01-21T13:41:02","date_gmt":"2025-01-21T18:41:02","guid":{"rendered":"https:\/\/democrats.org\/?p=1050899"},"modified":"2025-01-21T13:41:03","modified_gmt":"2025-01-21T18:41:03","slug":"trumps-treasury-secretary-will-give-billionaires-another-round-of-tax-handouts","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/trumps-treasury-secretary-will-give-billionaires-another-round-of-tax-handouts\/","title":{"rendered":"Trump\u2019s Treasury Secretary Will Give Billionaires ANOTHER Round of Tax Handouts"},"content":{"rendered":"\n
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In response to the Senate advancing Wall Street billionaire Scott Bessent\u2019s nomination to be Treasury Secretary, <\/em>DNC Rapid Response Director Alex Floyd released the following statement: <\/em><\/strong><\/p>\n\n\n\n

\u201cDonald Trump and his billionaire Cabinet only care about one thing: giving themselves another massive round of tax handouts on the backs of the middle class. Scott Bessent is a Wall Street billionaire who will rig the economy for himself and his ultra-wealthy friends at the expense of hardworking Americans. Just like the rest of Trump\u2019s billionaire cronies, Bessent will be a disaster for working families and will follow Trump\u2019s lead to put Wall Street over Main Street.\u201d <\/p>\n\n\n\n

Today, Trump pushed through his Wall Street billionaire Treasury Secretary pick Scott Bessent after he admitted that giving the ultra-wealthy ANOTHER tax handout is \u201cthe single most important economic issue\u201d for him. <\/strong><\/p>\n\n\n\n

Manu Raju, CNN<\/a>: \u201c16-11, Senate Finance approves nomination of Scott Bessent for Treasury.\u201d<\/strong><\/p>\n\n\n\n

Scott Bessent<\/a>: \u201cThis is the single most important economic issue of the day. <\/strong>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

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\u2019s 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

Sen. Raphael Warnock<\/a>: \u201cWhat about [those making more than] $1 billion?\u201d<\/strong><\/p>\n\n\n\n

Bessent: \u201cSo again, that I think that these are the job creators.\u201d<\/p>\n\n\n\n

Sen. Warnock: \u201cSo there\u2019s no income level for which you would support raising taxes? <\/strong>Is that fair?\u201d<\/p>\n\n\n\n

Bessent: \u201cThere is no income level <\/strong>\u2026\u201d<\/p>\n\n\n\n

Bessent will help Trump rig the economy for billionaires and Wall Street at the expense of working people and build on Trump\u2019s long and disastrous economic record of creating new incentives for companies to ship jobs overseas.<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u2018Dancing in the street\u2019: Some Wall Street banks are triumphant heading into Trump era<\/strong><\/p>\n\n\n\n

\u201c\u2018The nation\u2019s biggest banks have just in the past few weeks notched some major wins in Washington<\/strong>, as President-elect Donald Trump prepares to take office, promising even less regulation.\u2019 …<\/p>\n\n\n\n

\u201cConsumer advocates say delays to tougher rules in the weeks after Trump\u2019s win don\u2019t bode well for consumer protection or financial stability. They also say Trump is likely to return to a practice of filling top positions with Wall Street executives<\/strong>. …<\/p>\n\n\n\n

\u201cNow, Trump officials who will have a say on how any future capital plans are crafted are expected to push for a revamped approach that could entail a much smaller capital increase for big banks, potentially saving the firms billions.<\/strong>\u201d<\/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

The Guardian<\/a>: \u201cDonald Trump\u2019s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.\u201d<\/strong><\/p>\n\n\n\n

Economic Policy Institute<\/a>: \u201cThe TCJA overwhelmingly benefited the rich and corporations while overlooking working families\u201d<\/strong><\/p>\n\n\n\n

Vox<\/a>: \u201cTrump said this tax break was for small businesses. It\u2019s giving $17 billion to millionaires this year\u201d<\/strong><\/p>\n\n\n\n

New York Times<\/a>: \u201cThe 2017 corporate tax cuts signed into law by Mr. Trump have not increased government revenue \u2026 In fact, they have had the opposite effect.\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

Bloomberg<\/a>: \u201cThe Offshoring of U.S. Jobs Increased on Trump\u2019s Watch\u201d<\/strong><\/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

While Bessent is busy making sure his billionaire friends get more tax handouts, he openly refuses to fight to lower costs for working families and won\u2019t stand in the way of Trump gutting Medicare, Medicaid, and the Affordable Care Act. <\/strong><\/p>\n\n\n\n

Sen. Maggie Hassan<\/a>: \u201cIf the president-elect were to propose a policy that you believe will increase prices, would you advise against it?\u201d<\/strong><\/p>\n\n\n\n

Bessent: \u201cI would \u2026 speak to President Trump about it. It is his decision.<\/strong> \u2026\u201d <\/p>\n\n\n\n

Sen. Hassan: \u201cIf you believe that a policy that is proposed by President Trump would increase prices, would you advise him against doing it? Yes or no?\u201d <\/p>\n\n\n\n

Bessent: \u201cI can\u2019t answer that question because it\u2019s a hypothetical.\u201d <\/strong><\/p>\n\n\n\n

Sen Ben Ray Luj\u00e1n<\/a>: \u201cYes or no, will you recommend cutting Medicaid?\u201d<\/p>\n\n\n\n

Bessent: \u201cUh\u2026 I\u2026 It\u2019s the business of Congress to do the budget <\/strong>and I am in favor of empowering states and I believe that for some states that will be an increase, for some states that will be a decrease.\u201d<\/p>\n\n\n\n

Sen. Luj\u00e1n: \u201cWill you recommend cutting Medicaid to President Trump?\u201d<\/strong><\/p>\n\n\n\n

Bessent \u201cUh, I will get back to you on this.\u201d<\/strong><\/p>\n\n\n\n

Sen. Peter Welch<\/a>: \u201cWith the tax credits that are set to expire, that family would have a $700 a month increase in their health care bill. That\u2019s going to hammer them, that\u2019s like $9,000. So my question to you is in putting together this tax proposal where you are going to have to be making recommendations about how to pay for it, will we continue to provide this help to Vermonters like this electrician in Brattleboro so that he doesn\u2019t get hammered on health care premiums going well beyond what he can afford?<\/strong>\u201d<\/p>\n\n\n\n

Bessent: \u201cSenator, as we discussed in your office, and I haven\u2019t had time to do my homework on this<\/strong>.\u201d<\/p>\n\n\n\n

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

In response to the Senate advancing Wall Street billionaire Scott Bessent\u2019s nomination to be Treasury Secretary, DNC Rapid Response Director Alex Floyd released the following statement:  \u201cDonald Trump and his billionaire Cabinet only care about one thing: giving themselves another massive round of tax handouts on the backs of the middle class. Scott Bessent is […]<\/p>\n","protected":false},"author":293,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1050899","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nTrump\u2019s Treasury Secretary Will Give Billionaires ANOTHER Round of Tax Handouts - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/trumps-treasury-secretary-will-give-billionaires-another-round-of-tax-handouts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-21T18:41:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-21T18:41:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024\" \/>\n<meta name=\"author\" content=\"Shelby Reese\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shelby Reese\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/trumps-treasury-secretary-will-give-billionaires-another-round-of-tax-handouts\/\",\"url\":\"https:\/\/democrats.org\/news\/trumps-treasury-secretary-will-give-billionaires-another-round-of-tax-handouts\/\",\"name\":\"Trump\u2019s Treasury Secretary Will Give Billionaires ANOTHER Round of Tax Handouts - 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