Apr 5, 2025 - Politics & Policy

Bessent seeks tax cut as big summer win

Mike Allen

Treasury Secretary Scott Bessent attends President Donald Trump's remarks on reciprocal tariffs during a so-called "Make America Wealthy Again" event in the Rose Garden of the White House in Washington, DC, on April 2, 2025. Trump unveiled a raft of punishing tariffs targeting countries around the — Treasury Secretary Scott Bessent attends President Trump's Rose Garden remarks on tariffs on Wednesday. Photo: Saul Loeb/AFP via Getty Images

Treasury Secretary Scott Bessent's tax-cut negotiators say big progress has been made on Capitol Hill, and are optimistic about final passage by summer despite the measure's complexity, Treasury officials tell Axios.

Why it matters: With markets plunging after President Trump's tariffs, top administration officials see the extension of Trump's first-term tax cuts — set to expire at year's end — as a chance to show consumers and businesses that he has a broad growth and affordability agenda to benefit them.

State of play: Bessent on Saturday tweeted praise for the Senate's early-morning adoption of a "mega-MAGA" budget plan — which includes tax cuts and raising the debt ceiling — as "a major step toward pro-growth tax certainty and economic strength."

"Making ... Trump Tax Cuts permanent will reward work, drive investment, and give families room to grow. Now it's time for the House to finish the job," Bessent added.
Trump posted on Truth Social Friday night: "Big business is not worried about the Tariffs, because they know they are here to stay, but they are focused on the BIG, BEAUTIFUL DEAL, which will SUPERCHARGE our Economy. Very important. Going on right now!!!"

Behind the scenes: Trump and Bessent have both signaled urgency on the tax cuts. Administration negotiators say they've learned from Trump's 2017 tax-cut fight to get it done as quickly as possible.

Administration officials are optimistic about final passage before Congress leaves for August recess.

What they're saying: "We're able to deliver on the urgency because of the unity" between the White House and congressional leaders, a Treasury official tells Axios.

"Locking in tax policy will provide stability and certainty in the economy, and remove uncertainty for families, workers and small businesses," the official said. "Productivity will come from certainty. Growth is a big piece of this."

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Bessent seeks tax cut as big summer win

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