US Treasury Secretary Scott Bessent is working double time on a new Trump tax plan — when he isn’t navigating tariff policy.
Bessent tells Yahoo Finance there is a line of sight into a tax deal.
“So tariffs are getting the majority of publicity now, but we were having very good luck — or very, very good progress, it’s not luck because it’s been a lot of hard work — on the tax bill. So the tax bill is moving through the Senate, moving through the House. I think we’re going to have some permanence for the 2017 Tax Cuts and Jobs Act probably by 4th of July. And I think that will give people certainty,” Bessent said in an exclusive interview on Tuesday.
About $4.5 trillion in tax cuts stand to expire as part of the Tax Cuts and Jobs Act of 2017 (TCJA). The expiration is slated for Dec. 31, 2025.
Read more: Tax credit vs. deduction: Which is better?
The TCJA slashed the corporate tax rate to 21% from 35%. While the corporate rate was made permanent, lawmakers are reopening the tax code to look at all the expiring provisions.
Also known as the Trump tax cuts, deductions for state and local taxes were capped at $10,000, while standard deductions were doubled and the child tax credit expanded.
The House recently passed a budget bill that includes trillions of dollars in cuts to taxes and government spending.
The plan would cut taxes by about $5 trillion. It could also add $5.7 trillion to the government’s debt, according to news reports.
Bessent declined to comment on if he would be willing to let tax cuts on the wealthy expire to help fund the plan.
“I think that we’re looking at everything. So, we’re looking at a range of revenue raises, and I’m not going to get out ahead of the president, which is always a bad idea and we’ll see where the president comes down on that,” Bessent said.
Brian Sozzi is Yahoo Finance’s Executive Editor. Follow Sozzi on X @BrianSozzi, Instagram, and LinkedIn. Tips on stories? Email [email protected].
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