00:00 Speaker A
Well, Treasury Secretary Scott Besin set to testify in front of the House Ways and Means Committee on Capitol Hill Wednesday. Jennifer Schonberger joining us now with the latest. Hey, Jennifer.
00:10 Jennifer Schonberger
Good morning, Maddie. Treasury Secretary Scott Besin slipping past reporters into a holding room where he is moments away from entering the hearing room for the House Ways and Means Committee, which is just behind me, where he will testify on the administration’s tax and trade policies. In his testimony, he will send China a warning just hours after wrapping talks with the Chinese in London. He says that this is an opportunity for the Chinese to right-size their economy towards consumption and away from production, but that, quote, uh, the country needs to be a reliable partner in trade negotiations if China will course correct by upholding its end of the initial trade agreement we outlined in Geneva last month, then a big, beautiful rebalancing of the world’s two largest economies is possible. Now, the secretary will also tout the benefits of that big, beautiful tax bill, where he will say that it will benefit working-class Americans and revitalize the manufacturing sector of this economy. He touted he will tout some details and stats on income that can be raised from the tax bill, saying that take-home pay will increase between $7,800 to $13,300 for the average family of four. He says it will increase wages between $6,100 to $11,600 for the average worker and will cement no taxes on tips, Social Security, and overtime. He also gave an update on tax collections for the tax season so far. He says that receipts are up nine and a half percent for the month of April and nearly 15% for the month of May while also cutting $2 billion in waste from the IRS. He called it one of the most successful tax collection seasons in some time. And also, on the back of that somewhat cooler CPI inflation report this morning, he says that inflation is showing signs of improvement, chalking it up to the administration’s policies. Also calling the job market strong. We’re just moments away from Secretary Besin. Back to you.
03:48 Speaker A
Jennifer, thank you so much, as always, for your reporting. Appreciate it.
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