Sen. Lindsey Graham (R-S.C.) introduced Bessent, a fellow South Carolinian, to the committee.
“Scott Bessent’s from South Carolina. He’s academically gifted and real-world tested. He went to Yale, so nobody’s perfect,” Graham said, calling his nomination a “home run."
In his opening statement, Bessent called on senators to extend Trump’s 2017 tax cuts, calling this a "pass-fail" moment.
Several provisions are set to expire in 2026, putting pressure on lawmakers to pass a new bill before the end of the year. Trump also made several promises on the campaign trail, such as eliminating taxes on tips, that lawmakers are expected to incorporate.
“We must make permanent the 2017 Tax Cuts and Jobs Act and implement new pro-growth policies to reduce the tax burden on American manufacturers, service workers and seniors,” Bessent said.
Democratic senators grilled the nominee on IRS direct file, taxes on wages versus wealth, raising the federal minimum wage and allegations that he avoided paying hundreds of thousands of dollars in taxes by classifying himself as a limited partner of Key Square Group.
Read more about today's hearing on TheHill.com.
