US Treasury Secretary Scott Bessent posted a thread on X on Wednesday in support of President Trump’s “One Big Beautiful Bill” (BBB) passed and signed into law.
Bessent has been one of President Trump’s most faithful allies and spokesmen since he was sworn in as Treasury Secretary. His arguments and tone are always measured and respectful. His words are impactful.
Last night Scott Bessent told Newsmax host Rob Schmitt that he is “a fiscal hawk but I’m also a realist.”
In the first hundred days, @POTUS has set the table for peace deals, trade deals, and tax deals.
In the next hundred days we will land a substantial number of all three. pic.twitter.com/Z1uKon1anO
— Treasury Secretary Scott Bessent (@SecScottBessent) June 4, 2025
Bessent argued on Wednesday that if the BBB does not pass through the Republican Congress it will result in the largest tax hikes in history next year.
Via Midnight Rider.
1.) Scott Bessent: We cannot allow the American people to suffer the biggest tax hike in history next year. Getting POTUS’s “One Big Beautiful Bill” passed is one of our top priorities. And it’s an integral component of President Trump’s bold economic agenda to drive long-term growth. The American people deserve to know how this bill will benefit them directly. Thread.
2.) WORKING FAMILIES
No federal income tax on tips or overtime pay.
Bigger standard deduction for every household.
Extra senior deduction so retirees keep more of what they’ve earned.
These dollars stay in your pocket, not Washington’s.
WORKING FAMILIES
These dollars stay in your pocket, not Washington’s.
— Treasury Secretary Scott Bessent (@SecScottBessent) June 4, 2025
3.) SMALL BUSINESS & ENTREPRENEURS
Keeps, and increases, the small business pass through deduction.
Immediate expensing for R&D so innovators can scale faster.
Main Street, not Wall Street, drives the next wave of jobs.
4.) MADE IN AMERICA
The bill delivers full 100% expensing for new factories, equipment, and machinery – plus restored bonus depreciation and immediate write-offs for research outlays.
Build it here, hire here, own it here.
Strong supply chains mean stronger national security and higher wages.
MADE IN AMERICA
The bill delivers full 100% expensing for new factories, equipment, and machinery – plus restored bonus depreciation and immediate write-offs for research outlays.
Build it here, hire here, own it here.
Strong supply chains mean stronger national security and…
— Treasury Secretary Scott Bessent (@SecScottBessent) June 4, 2025
5.) PROTECTING U.S. SOVEREIGNTY
If a foreign government imposes an extraterritorial tax on American companies, their residents and governments face increased U.S. taxes – and it turns off when they back down.
Foreign governments should never profit by taxing U.S. success within our borders.
6.) With stronger wages, higher productivity, and goal-line 3% real GDP growth, this bill boosts revenue through expansion, not higher rates.
A strong economy restores pride and independence to the American people and allows millions of families to secure a more resilient and prosperous future.
With stronger wages, higher productivity, and goal-line 3% real GDP growth, this bill boosts revenue through expansion, not higher rates.
A strong economy restores pride and independence to the American people and allows millions of families to secure a more resilient and…
— Treasury Secretary Scott Bessent (@SecScottBessent) June 4, 2025
Bessent, a billionaire businessman, puts up a strong argument. Will Republicans pass the bill?… Or turn on Trump, again?
The post Treasury Secretary Bessent Warns Americans Will Suffer Largest Tax Hike in History If ‘One Big Beautiful Bill’ Is Not Passed – Publishes Thread on X to Explain Benefits of Bill appeared first on The Gateway Pundit.