Billionaire Treasury Nominee Opposes Raising Minimum Wage, Backs Tax Cuts For Super-Wealthy, Backs Tariffs

January 16, 2025 Trump Corruption, Trump cultists

Rolling Stone reports:

President-elect Donald Trump’s Treasury Secretary pick, a billionaire who has been accused of evading taxes, says that “the most important economic issue of the day” is extending Trump’s tax cuts for the ultra rich. Scott Bessent spoke about his economic plans while sitting for his confirmation hearing before the Senate Banking Committee on Thursday. Bessent is an investor, political donor, and a hedge fund manager.

When asked about whether he would renew Trump’s tax breaks for billionaires and corporations, he called them the most important economic issue today. The 2017 Tax Cuts and Jobs Act was designed to disproportionately benefit the wealthy over the lower and middle classes. In 2025, the law is expected to deliver an average tax cut of more than $250,000 to the top 0.1 percent of earners, according to the Tax Policy Center, a nonpartisan think tank.

Yahoo Finance reports:

Bessent opened the hearing by touting the president-elect for his trade plans and then repeatedly defended high duties under questioning from both Democratic and Republicans senators. He said that a range of tariff ideas — including the controversial blanket ones that Trump promised on the campaign trail — will be part of the Trump 2.0 equation in the months ahead.

At one point during the questioning, he described Trump’s tariff policy as one with a plank that includes “a more generalized tariff as a revenue raiser for the federal budget” as he also downplayed potential costs for such a policy. Bessent last year suggested in a Barron’s interview that Trump could appoint a “shadow chair” to undermine the influence of Fed Chair Jerome Powell.

The Latin Times reports:

Senator Bernie Sanders (I-VT) questioned Bessent on the minimum wage, highlighting that over 22 million American workers earn less than $15 an hour, with nearly 40 million earning under $17.

Sanders criticized the stagnant federal minimum wage of $7.25 an hour—which has not increased since 2009—and asked if Bessent would support efforts to raise it to a living wage. “Senator, I believe the minimum wage is more of a statewide and regional issue,” Bessent responded, signaling his opposition to federal action on wage increases.

“So you don’t think we should change the federal minimum wage of $7.25 an hour?” Sanders clarified. Bessent’s simple reply of, “No sir,” as he laced his fingers together ended the exchange.

There’s much more at the first link above.



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