Americans will face an unparalleled “economic calamity” that might cost the dollar its status as the world’s reserve currency if Congress doesn’t renew President-elect Donald Trump’s 2017 tax cuts, Treasury Secretary-designate Scott Bessent declared during his Senate confirmation hearing, Report informs via The New York Post.
Bessent warned lawmakers that the US risks a “crushing $4 trillion tax hike” — the largest in its history — if the 45th president’s marquee legislation is allowed to sunset at the end of this year.
“Today, I believe that President Trump has a generational opportunity to unleash a new economic golden age that will create more jobs, wealth and prosperity for all Americans,” the 62-year-old hedge fund manager told members of the Senate Finance Committee.