Trump treasury pick: Extending Trump tax cuts ‘single most important economic issue’

Extending the Tax Cuts and Jobs Act of 2017 is a top economic priority, and failing to preserve the tax cuts will hurt the middle class, according to President-elect Trump’s pick to lead the Treasury Department. Scott Besant.

“This is the single most important economic issue of the day,” Besant, a hedge fund billionaire from South Carolina, told the Senate Finance Committee during his confirmation hearing on Thursday.

“If we don’t extend the extension, we’re going to face an economic disaster,” Besant said. “And as always with financial instability, it falls on the middle and working class.”

Besant warned that there would be a “huge” increase in taxes for the middle class if the tax cuts expire.

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Scott Besant, founder and CEO of Key Square Group LP, during an interview in Washington, DC on June 7, 2024. (Stephanie Reynolds/Bloomberg via Getty Images/Getty Images)

During his first term, Trump approved the Tax Cuts and Jobs Act of 2017, but many of the reforms included are scheduled to be completed by 2025. Americans for ProsperityThe massive chain founded by the billionaire Koch Brothers claims that millions of Americans will see their taxes rise by more than $1,500 next year if the cuts are not reinstated.

AFP: announced this week it is spending $20 million to launch a massive campaign calling for an extension of Trump’s tax cuts.

But critics of Trump’s tax plan, including Democratic lawmakers like Elizabeth Warren, D-Mass., and groups like Center for American Progressargue that the cuts have only benefited the wealthy and argue that the benefits have not reached ordinary workers.

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Scott Besant, founder and CEO of Key Square Group LP, in an interview during the Republican National Convention outside the Fiserv Forum in Milwaukee, July 16, 2024. (Vincent Alban/Bloomberg via Getty Images/Getty Images)

Still, Besant said Trump and his administration will usher in a “golden age” of economic prosperity for all Americans.

“Today, I believe President Trump has a generational opportunity to unleash a new economic golden age that will create more jobs, wealth and prosperity for all Americans,” Besant said in opening remarks.

“We must secure supply chains that are vulnerable to strategic competitors, and we must carefully implement sanctions as part of a whole-of-government approach to addressing our national security requirements,” Besant added The US dollar will remain the world’s reserve currency.”

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Trump’s economic plan includes extending the 2017 tax cuts and imposing tariffs of 10% to 20% on all imported goods, potentially as high as 60% for countries like China.

Besent, who ex authored an article for Fox News Digital while supporting tariffs, has expressed support for the Trump administration’s use of tariffs as leverage in multiple exchanges with lawmakers.For example, Besant disagreed with Sen. Ron Wyden, who argued that the American people would be “sucked” by tariffs on all imports.

Besant fielded questions from lawmakers on a range of topics and confirmed he would not support raising the federal minimum wage, which has remained at $7.25 since 2009.

Bessent said he believes the issue is “more of a state and regional issue” after Sen. Bernie Sanders asked whether lawmakers could count on the hedge fund billionaire to support efforts to raise the federal minimum wage.

Sen. Bernie Sanders, an independent from Vermont, speaks during a press conference at the U.S. Capitol in Washington, Oct. 6, 2021. (Stephanie Reynolds/Bloomberg via Getty Images/Getty Images)

“Senator, I think the minimum wage is more of a state and regional issue,” Besant said.

“Don’t you think we should change the federal minimum wage?” Sanders asked. “We have $7.25 an hour.”

“No, sir,” answered Besant.

In addition, Besant said he would insist and impose tougher sanctions on Russia stop the war in Ukraine.

“If any official in the Russian Federation is watching these confirmation hearings, they should know that if I am confirmed and if President Trump demands it as part of his strategy in the Ukraine war, I will comply 100%. [be] for the application of sanctions,” said Bessen.

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Sen. Lindsey Graham, RS.C.On Thursday, Besenti introduced lawmakers, urging them to support his candidacy based on his qualifications, even if they disagreed with him on some policy issues.

“This man has been successful at everything he’s ever tried to do,” Graham said. “And why did President Trump elect him? He thinks President Trump’s economic agenda is good for this country , and he wants to help President Trump succeed.”

The Treasury Department is responsible for managing federal finances and oversees agencies that include the IRS.

Fox News Digital’s Paul Steinhauser contributed to this report.