US Treasury Secretary Scott Bessent posted a thread on X on Wednesday in assist of President Trump’s “One Large Lovely Invoice” (BBB) handed and signed into regulation.
Bessent has been one in all President Trump’s most devoted allies and spokesmen since he was sworn in as Treasury Secretary. His arguments and tone are all the time measured and respectful. His phrases are impactful.
Final evening Scott Bessent instructed Newsmax host Rob Schmitt that he’s “a fiscal hawk however I’m additionally a realist.”
Within the first hundred days, @POTUS has set the desk for peace offers, commerce offers, and tax offers.
Within the subsequent hundred days we are going to land a considerable variety of all three. pic.twitter.com/Z1uKon1anO
— Treasury Secretary Scott Bessent (@SecScottBessent) June 4, 2025
Bessent argued on Wednesday that if the BBB doesn’t go by means of the Republican Congress it can consequence within the largest tax hikes in historical past subsequent yr.
Through Midnight Rider.
1.) Scott Bessent: We can’t enable the American folks to undergo the most important tax hike in historical past subsequent yr. Getting POTUS’s “One Large Lovely Invoice” handed is one in all our prime priorities. And it’s an integral element of President Trump’s daring financial agenda to drive long-term progress. The American folks should understand how this invoice will profit them immediately. Thread.
2.) WORKING FAMILIES
✔️No federal revenue tax on ideas or additional time pay.
✔️Larger customary deduction for each family.
✔️Additional senior deduction so retirees maintain extra of what they’ve earned.
These {dollars} keep in your pocket, not Washington’s.
WORKING FAMILIES
✔️No federal revenue tax on ideas or additional time pay.
✔️Larger customary deduction for each family.
✔️Additional senior deduction so retirees maintain extra of what they’ve earned.
These {dollars} keep in your pocket, not Washington’s.
— Treasury Secretary Scott Bessent (@SecScottBessent) June 4, 2025
3.) SMALL BUSINESS & ENTREPRENEURS
✔️Retains, and will increase, the small enterprise go by means of deduction.
✔️Quick expensing for R&D so innovators can scale quicker.
Essential Avenue, not Wall Avenue, drives the following wave of jobs.
4.) MADE IN AMERICA
The invoice delivers full 100% expensing for brand spanking new factories, gear, and equipment – plus restored bonus depreciation and rapid write-offs for analysis outlays.
Construct it right here, rent right here, personal it right here.
Robust provide chains imply stronger nationwide safety and better wages.
MADE IN AMERICA
The invoice delivers full 100% expensing for brand spanking new factories, gear, and equipment – plus restored bonus depreciation and rapid write-offs for analysis outlays.
Construct it right here, rent right here, personal it right here.
Robust provide chains imply stronger nationwide safety and…
— Treasury Secretary Scott Bessent (@SecScottBessent) June 4, 2025
5.) PROTECTING U.S. SOVEREIGNTY
If a international authorities imposes an extraterritorial tax on American firms, their residents and governments face elevated U.S. taxes – and it turns off once they again down.
International governments ought to by no means revenue by taxing U.S. success inside our borders.
6.) With stronger wages, larger productiveness, and goal-line 3% actual GDP progress, this invoice boosts income by means of enlargement, not larger charges.
A powerful financial system restores pleasure and independence to the American folks and permits thousands and thousands of households to safe a extra resilient and affluent future.
With stronger wages, larger productiveness, and goal-line 3% actual GDP progress, this invoice boosts income by means of enlargement, not larger charges.
A powerful financial system restores pleasure and independence to the American folks and permits thousands and thousands of households to safe a extra resilient and…
— Treasury Secretary Scott Bessent (@SecScottBessent) June 4, 2025
Bessent, a billionaire businessman, places up a robust argument. Will Republicans go the invoice?… Or activate Trump, once more?
