Bessent seeks tax cut as big summer win

[BumRushDaShow]

Source: Axios

12 hours ago


Treasury Secretary Scott Bessent's tax-cut negotiators say big progress has been made on Capitol Hill, and are optimistic about final passage by summer despite the measure's complexity, Treasury officials tell Axios.

Why it matters: With markets plunging after President Trump's tariffs, top administration officials see the extension of Trump's first-term tax cuts — set to expire at year's end — as a chance to show consumers and businesses that he has a broad growth and affordability agenda to benefit them.

State of play: Bessent on Saturday tweeted praise for the Senate's early-morning adoption of a "mega-MAGA" budget plan — which includes tax cuts and raising the debt ceiling — as "a major step toward pro-growth tax certainty and economic strength."

"Making ... Trump Tax Cuts permanent will reward work, drive investment, and give families room to grow. Now it's time for the House to finish the job," Bessent added.

Trump posted on Truth Social Friday night: "Big business is not worried about the Tariffs, because they know they are here to stay, but they are focused on the BIG, BEAUTIFUL DEAL, which will SUPERCHARGE our Economy. Very important. Going on right now!!!"

Behind the scenes: Trump and Bessent have both signaled urgency on the tax cuts. Administration negotiators say they've learned from Trump's 2017 tax-cut fight to get it done as quickly as possible.

Read more: https://www.axios.com/2025/04/05/bessent-trump-summer-tax-cut

[tonkatoy8888]

1. Oh Really?

Maybe I'm the out of touch one, but in the current environment I just can't see extending tax cuts for the wealthiest among us immediately after slashing and burning jobs and programs that benefit everyone else as a winning strategy,

The Trump administration's collection of out to lunch billionaires has more than a whiff of 1789.

[Henry203]

2. Bessent is the worst

A turncoat who at one time contributed to democrats. He benefitted from our push for gay marriage and the fact he can adopt children and as soon as he used these rights he became a republican. Trump has just put a consumption tax on all of us he pushes for tax cuts for himself. On top of that he is arrogant.

[Bengus81]

9. Isn't he the one that was pushing buying .com stocks about time they tanked

Which would have been what 2000,2001

[gab13by13]

3. The Horse & Sparrow Economic Plan Is Coming

Feed the horse more oats and the sparrows will have plenty to eat.

4.7 trillion dollars not 4.5.

[gab13by13]

4. Krasnov posted this yesterday

ONLY THE WEAK WILL FAIL.

I'm pretty sure he means, only the poor will fail, and only the millionaires and billionaires will survive.

[Bengus81]

6. He also posted that all the Hands OFF protests were illegal

Hmm...so Hitleresque of you Trump.

[PortTack]

11. Who's he trying to convince? Himself?

[Marie Marie]

26. Good - that means he was aware of, watching and bothered by them.

Get used to them you traitor, these protests will be non stop until your lard ass is either dragged from the WH or buried on one of your golf courses. Another one is already planned 2 weeks from now in my neck of the woods.

[Bengus81]

5. Watching the endless RW spin on this tariff disaster is the only good thing here

you could hang a hat on. My gawd,the shit they come up with to justify Trump tariffs and the DOW losing 3,000 points in just two days is hilarious. My favorite one is...it's not really money,it's just 0's and 1's.

[lonely bird]

7. Now, that is true

They perform oral ministrations on Trump as the economy get kicked in the balls.

Btw, if it isn’t really money and is just 1’s and 0’s then what the fuck do they think Crypto is?

[Prof. Toru Tanaka]

25. That was from that asshole Benny Johnson.

Rank and file people who invest in the market have to pay for the stocks they invest in so it is real money they are losing when the market tanks. Trump is a senile, doddering old fool succumbing to dementia and these MAGAt shitheads think is a financial whiz.

[Javaman]

8. out of touch with reality.

I think he's counting his chickens a little too soon.

[IronLionZion]

10. IRS should cancel his tax cut. If he calls them, then he's fraud.

Tax cuts are great for billionaires. Doesn't do much for people who's prices for everything just shot up or lost their jobs.

[BidenRocks]

27. I pay 3K on SS retirement.

What the fuck is a tax cut going to give me?
Ten bucks?

[IronLionZion]

28. Just wait patiently until it trickles down from the billionaires

[not fooled]

12. Yeah, unfortunately the first red don tax scam should have been political poison

but do it early enough in the term and dumbasses will conveniently forget by the next election that all your administration cares about is catering to donors.

[h2ebits]

13. Hmmm. . . . I thought that I read the House rejected the Senate tax cut proposal

So much happening so fast. Anybody here see that info? Or am I just inaccurate in my reading?

[BumRushDaShow]

14. Each chamber has their own "plan" and neither chamber has voted on the other's plan

But this is still early in the process and is just the "blue print".

They will still have to do more legislation and then do some kind of "joint" conference report so that they vote on the same versions.

Any announced "rejections" are just individual public remarks by some members to the media.

[h2ebits]

17. Thanks for the explanation

[BumRushDaShow]

20. Most welcome

I saw something where some in the House want to tweak the Senate bill with their own if they do something like that and even manage to pass it, it would have to go back to the Senate again for approval (which might not happen).

As we have seen with the Bipartisan Infrastructure and Inflation Reduction Acts (both done by reconciliation under Biden), it's not easy to barrel something like that through. Similarly, the ACA was done the same way in 2009, and took almost a year to get all the pieces in place as different Committees from both chambers, include their input into the bill draft language.

I remember back during the ACA ( "Obamacare" ) drafting process, I was because the stupid media kept insisting that whatever one committee came out with as a draft, was "the bill" (as if it were the final one) and it WASN'T.

[Grins]

15. "..mega-MAGA" budget plan...includes tax cuts and raising the debt ceiling"

Cut revenue. Increase the debt limit.

Proving once again, Republicans screaming about the deficit was all bullshit.

[Galraedia]

19. Also, MAGA morons don't question why they have to raise the debt ceiling despite all the BS claimed savings by DOGE

The truth is all the cuts to spending were never to reduce the deficit or pay off the national debt they're largely responsible for creating, it was always about making way for a $4.7 trillion dollar tax cut for the rich.

[louis-t]

22. Don't you know? Those are 'pro-growth' strategies!

[GoreWon2000]

16. Smoot-Hawley tariffs prove tRump wrong

No one should forget that the 1930 Smoot-Hawley tariffs passed by Congress in 1930 resulted in the great depression of the 1930s and ultimately lead to World War II.

[Galraedia]

18. Anyone who thinks tariffs and tax cuts for the rich are good for the economy is a fucking idiot

This has to be the dumbest economic plan in American history. It's like these morons are intentionally trying to create the conditions to bring about the next Great Depression.

[louis-t]

21. Oh goodie, more 'pro-growth' strategies

that don't encourage growth and only increase debt.

[wishstar]

23. Extension of current rates is not a "tax cut"

Has anyone read anything yet about actual cuts or just extending existing tax rates? (Except possibly rescinding Biden era taxes imposed on wealthiest that weren't paying any taxes)

Also don't see any mention of removing income taxes on Social Security income. I know a Dem has proposed a bill removing the taxes on SS while imposing higher payroll taxes on higher earners that is not expected to go anywhere.

[SWBTATTReg]

24. NO! I don't want to get stuck paying the bills later as they plan on doing, after giving their rich buddies/gals

these tax cuts. They already have it made business-wise in this US Economy and tax-wise, literally don't pay any taxes at all.

I'm so sick and tired of these thugs getting by w/o paying a 'fair' share of their income, when we have others paying a more substantial percentage of their incomes in taxes.