During a heated House Ways and Means Committee session, US Treasury Secretary Scott Bessent staunchly defended President Donald Trump’s economic agenda, emphasizing tax cuts, deregulation, and trade policies as drivers of growth and prosperity for working Americans. Bessent presented data to underscore the administration’s claim of delivering significant tax relief and boosting wages, even as Democrats challenged the effectiveness of those policies in addressing inflation and household expenses.
Bessent highlighted that this year's tax filing season saw nearly 62 million taxpayers benefit from key elements of the administration’s package, including tax exemptions on tips and overtime, deductions for auto loan interest, and relief programs for seniors. According to him, taxpayers received about USD 325 billion in refunds, with the average amount rising by over 11 percent. He further asserted that more than 70 percent of those receiving tax benefits earned under USD 100,000 annually, reinforcing the administration's focus on lower- and middle-income Americans.
However, these assertions met strong rebuttals from Democrats on the committee, who painted a contrasting picture of the economy burdened by rising inflation and tariffs. Democrats argued that everyday Americans were increasingly strained by higher prices for gas, groceries, and household necessities, problems they partly attributed to the administration's trade policies and growing geopolitical tensions, particularly related to Iran. One lawmaker noted that lower-income families were hit hardest by these cost increases.
Bessent rejected these accusations, pointing to consistent monthly wage gains since Trump took office—citing only one exception in April—and projected easing inflation as supply chain issues tied to international conflicts resolve. He stressed that the economy remained robust, with steady job creation focused on American workers and signs of expanding manufacturing investment and private sector activity. When pressed on certain sensitive topics during the hearing, Bessent declined to comment, referencing ongoing litigation and pending Justice Department matters.