Bessent Sets July 4 Deadline for Trump's Tax Cuts, Aims to Use Tariff Revenue for Relief and Engage 17 Trading Partners
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U.S. Treasury Secretary Scott Bessent has set a July 4 deadline for passing President Donald Trump's multi-trillion dollar tax cut package, following meetings with congressional leaders. The package aims to provide tax relief and is part of the broader Trump economic agenda, which includes trade, tax, and deregulation.
Bessent expressed optimism about the use of tariff revenue to fund tax relief, stating that there is a 'very good chance' it could be included in the upcoming tax bill. He highlighted that tariff income could be used to provide immediate relief on income taxes, tips, Social Security, and overtime, aligning with Trump's campaign promises. Additionally, the administration is analyzing a 15% made-in-America tax bracket for companies.
In addition to domestic policy, Bessent is actively engaging with international trade partners. He plans to speak with at least 17 trading partners over the next few weeks to negotiate trade deals and discuss tariff proposals. These discussions are part of a broader strategy to secure long-term tariff revenue and strong trade agreements. Bessent emphasized that no trade deal is considered finalized until President Trump announces it, and he is involved in talks concerning 18 key trade deals.
Bessent also mentioned that President Trump has met with both domestic and foreign auto producers, signaling an intent to support the U.S. auto manufacturing sector through tax incentives, including making auto loans for U.S.-made cars deductible. The administration is also considering changes to auto tariffs to bolster the industry.
.@SecScottBessent: "Speaker Johnson and Leader Thune have shown incredible unity and I would attribute that to @POTUS' leadership... What I am hoping for is that we will have a signed, sealed, and delivered tax bill by July 4th..." https://t.co/8uncurWsZ1
U.S. TREASURY SECRETARY BESSENT:
HOPING FOR SIGNED, SEALED, DELIVERED TAX BILL BY JULY 4; WE ARE ANALYZING 15% MADE-IN-AMERICA TAX BRACKET FOR COMPANIES
