Bessent Vows to Extend Trump's Tax Cuts, Toughen Sanctions on Russia

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Bessent Vows to Extend Trump's Tax Cuts, Toughen Sanctions on Russia
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Scott Bessent, President-elect Donald Trump's nominee for Treasury Secretary, urged the Senate Finance Committee to extend Trump's 2017 tax cuts to prevent a US$4 trillion tax increase. He also pledged to strengthen sanctions on Russian oil majors if confirmed.

Scott Bessent, President-elect Donald Trump 's choice to be Secretary of the Treasury, appears before the Senate Finance Committee for his confirmation hearing, at the Capitol in Washington, Thursday, Jan. 16, 2025. Bessent, testifying at a Senate Finance Committee confirmation hearing, underscored an urgent need to extend Trump 's 2017 tax cuts due to expire at the end of this year, to avoid a US$4 trillion tax hike that could crush the US economy.

Bessent coolly fielded questions ranging from US competition with China, to child tax credits, and did not stray from answers consistent with previous Republican Treasury nominees. Despite Trump's longstanding complaints about a strong dollar, Bessent said:"Critically - critically - we must ensure that the dollar remains the world's reserve currency."

He said he was open to the idea of creating a US sovereign wealth fund, but said the US needed to get control over short-term deficit growth first.

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