Staff Reports
President Trump’s Treasury Secretary Scott Bessent is working hard to give American families and businesses the stability they need. By making the 2017 Trump tax cuts permanent, the administration aims to protect workers from what Bessent calls “the largest tax hike in history.” These tax cuts helped create jobs and boost wages before, and keeping them will ensure America stays strong.
Bessent wants to end taxes on Social Security checks, tips, and overtime pay. This means waiters, truck drivers, and retirees can keep more of their hard-earned money. No billionaires are collecting tips or working overtime, so these changes directly help everyday workers. The goal is to fix the “affordability crisis” caused by years of high prices under Biden.
The Trump team is also slashing government rules that hold back businesses. Banks and factories will have fewer bureaucratic hurdles, making it easier to grow and hire. Bessent says cutting red tape will bring back high-paying manufacturing jobs. This matches Trump’s promise to revive American industries and stop jobs from going overseas.
Bessent blasted Washington’s budget office for using “crazy accounting” that hides runaway spending. He says the system is rigged to let big government programs grow forever while threatening tax relief. By making current tax rates permanent, families and businesses can plan their futures without fear of sudden hikes.
The 2017 tax cuts expire this year, and failing to renew them would hit middle-class families hardest. A family of four earning $80,000 would face a $1,695 tax increase—enough to cover nine weeks of groceries. Bessent warns that higher taxes would wreck the economy and blow up the deficit by stifling growth.
Democrats have attacked the plan, claiming it helps the wealthy. But Bessent laughed off the criticism, pointing out that Republican unity has left opponents “flailing.” The reforms focus on workers, not elites, with tax breaks for those who need it most. This includes new perks like writing off car loans for American-made vehicles.
Bessent stressed that Trump’s policies will deliver real wage growth, lower prices, and tax relief together. Bringing factories back to the U.S., unlocking energy production, and shrinking government bloat are key steps. The administration is even considering letting companies fully deduct new factory costs upfront to speed up reinvestment.
With inflation slowing but prices still high, Bessent says certainty is the cure. Making tax rates permanent and axing unfair taxes on tips and overtime will let workers breathe easier. The message is clear: Trump’s team is fighting to keep America’s economy booming for everyone, not just the well-connected.
