President Trump’s nominee for Secretary of the Dept. of the Treasury, Scott Bessent, said that making permanent the expiring provisions in the Tax Cuts and Jobs Act is “the single most important economic issue of the day.” During confirmation hearings, Bessent added that “if we do not fix these tax cuts, if we do not renew and extend, then we will be facing an economic calamity.” He believes that allowing nonpermanent provisions to expire will lead to higher taxes for the middle and working classes. Bessent also offered a firm commitment to continuing the IRS’s Direct File program through at least the 2025 tax season.
Our Blog 