US treasury secretary nominee Bessent is speaking at the US confirmation hearing and says:
- US government has significant spending problem
- Will revive the American economy through progrowth regulatory policies, reducing taxes, unleashing American energy.
- If Trump 2017 tax cuts are not renewed, US will face economic calamity
- We will see a gigantic middle-class tax increases tax cuts are not extended.
- Power of trumps 2017 tax cuts was apparent in 2018 and 2019 before they were interrupted by Covid 19.
- Will commit to keep IRS direct filing system running for this tax year, but study a further..
- Disagrees that tariffs will be paid for by workers and small businesses
This article was written by Greg Michalowski at www.forexlive.com.
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