Scott Bessent on tax revenue
From 🇺🇸 Treasury Secretary Scott Bessent Testifies Before House Ways and Means Committee [LIVE] · · MAGNO NEWS
“I think we are going to see a breakout in corporate income tax receipts. We are creating productive capacity here and productive capacity is what generates future tax revenues. So you get the immediate hit to taxes now but then you create an accelerated stream of income that is much higher a multiplier effect after that. I call it the slingshot effect.”
On , Scott Bessent, Treasury Secretary at US Treasury, spoke about tax revenue during 🇺🇸 Treasury Secretary Scott Bessent Testifies Before House Ways and Means Committee [LIVE] on MAGNO NEWS.
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About Scott Bessent
Treasury Secretary Scott Bessent has been active in promoting the Trump administration's economic policies, including tax cuts and a new savings program for foster youth. In June 2026, Bessent joined First Lady Melania Trump to announce "Fostering the Future" accounts, a dedicated savings and investment vehicle for children in foster care. Bessent described the accounts as a "historic new savings tool" and stated that every American child born between January 2025 and December 2028 would be eligible for a $1,000 seed contribution from the Treasury. He said that, assuming historical growth rates, the deposit could grow to at least half a million dollars by retirement age. Bessent also testified before the House Ways and Means Committee, where he defended the "no tax on overtime" provision and the "working families tax cuts," arguing that they benefit middle-class and lower-income earners. He stated that 96% of filers claiming the overtime deduction earn under $200,000 annually. Bessent faced sharp questioning from Democratic lawmakers during multiple congressional hearings. In May and June 2026, he was pressed on topics including the economic impact of tariffs, a settlement involving President Trump's IRS audits, and the creation of a proposed $250 bill featuring Trump's image. Bessent declined to answer questions about the IRS settlement, citing ongoing litigation and attorney-client privilege, and deferred to the Department of Justice. When questioned about a reported effort to design a $250 bill with Trump's portrait, Bessent acknowledged that federal law prohibits the image of a living person from appearing on U.S. currency. He also defended the administration's sanctions policy on Russia, stating that the Biden administration's sanctions were "weak" and that the current approach has kept global energy prices lower.