Tax Cuts for Billionaires is Top Priority

Friday, January 17, 2025

Scott Bessent outlined his plan to enrich the rich and screw the poor during his confirmation hearing before the Senate Banking. When asked about whether he would renew Trump's tax breaks for billionaires and corporations, he called them the most important economic issue today. The 2017 Tax Cuts and Jobs Act was designed to disproportionately benefit the wealthy over the lower and middle classes. In 2025, the law is expected to deliver an average tax cut of more than $250,000 to the top 0.1 percent of earners, according to the Tax Policy Center, a nonpartisan think tank. In contrast, poor Americans will net a $70 tax cut.

Posted by Nixon at 08:53 AM | 5 COMMENTS | permalink | Comment on This Entry |

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"This is the single most important economic issue of the day," Bessent said. "This is pass-fail. If we do not fix these tax cuts, if we do not renew and extend, then we will be facing an economic calamity, and as always, with financial instability that falls on the middle and working class."

An extension of this legislation would reportedly cost $4 trillion over a decade. Bessent previously said that he would cover this cost through other budget cuts. Trump has proposed extending the 2017 law's tax cuts for individuals and another, larger tax cut for corporations.

Bessent also told Sen. Bernie Sanders (I-Vt.) that he is against raising the $7.25 an hour federal minimum wage. "I believe that the minimum wage is more of a statewide and regional issue," Bessent said. It has been 16 years since the national minimum wage was increased. The minimum wage in South Carolina, Bessent's home state, is $7.25

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Day care costs? Nope

Health care costs? Nope

Grocery prices? Nope

Housing costs? Nope

Anyone that voted for felon47 thinking he was going to address those issues...your dummy sign is on crooked.

#1 | Posted by Nixon at 2025-01-17 09:00 AM | Reply

These Clowns are still pretending that Tinkle Down economics ever actually worked, which even it's most famous proponents admitted that it never did years ago.

But of course their low info Base will believe anything they say.

#2 | Posted by Corky at 2025-01-17 10:26 AM | Reply

Tax Cuts for Billionaires is Top Priority

Always has been. Anyone who thought otherwise is willfully ignorant.

#3 | Posted by qcp at 2025-01-17 10:51 AM | Reply

"Watch Your Wallets!"

www.youtube.com

1 min 44 secs

#4 | Posted by Corky at 2025-01-17 11:23 AM | Reply

Funny how we must be wealthy, though middle class, as those cuts lowered us from the 24% tax bracket to the 22% bracket. Of course there are many dems here who claim they did not benefit. so I imagine that most of those have such slow income that they do not pay federal income taxes, sot of course they did not benefit from them.

Do hope that the cuts are renewed as preferential keeping more of our incomes rather than the govt taking it, an as usual/in so many cases, wasting it

#5 | Posted by MSgt at 2025-01-17 05:55 PM | Reply