Trump’s Treasury nominee warns of US economic crisis

The US is headed towards an economic crisis by year’s end, Scott Bessent, US President-elect Donald Trump’s pick for Treasury secretary, has warned. During his Senate confirmation hearing on Thursday, the former hedge fund manager predicted that the country would face a “gigantic” middle class tax increase in a few months unless it extends the Tax Cuts and Jobs Act (TCJA), which is set to expire at the end of 2025.
The TCJA was a major tax reform law signed by Trump during his first term in office in December 2017. It reduced individual and corporate tax rates, nearly doubled the standard deduction, and introduced a 20% income deduction for small businesses. While corporate tax cuts were made permanent, individual provisions are set to expire at the end of 2025.
“Americans are barreling towards an economic crisis at year’s end,” Bessent told the Senate. He warned that if the tax cuts expire as scheduled at the end of the year, “Americans will face the largest tax increase in history, a crushing 4 trillion tax...
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