Treasury Secretary Scott Bessin calls for tax discounts to be permanent

Treasury Secretary Scott Payette indicated on Wednesday that the White House wants to extend the tax reduction package from Trump from 2017 permanently before its expiration this year, instead of a temporary extension.

Bessent appeared on “Kudlow” by Fox Business Network To conduct an exclusive interview with host Larry Kudlo and take reports that Republicans in Congress are considering choosing to extend tax wines for a period of five or 10 years to help comply with the rules of reconciliation, rather than making them permanent.

“President Trump He has a mandate. He came to do big things. One of the big things that this administration wants to do is to make tax cuts and jobs for the year 2017 permanent – and this will continue to make the United States the first economy in the world. “

“We will drop inflation, we will decrease the regulations, and we will get a tax reduction. The goal is to always become,” he added.

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BESSENT He continues that the Trump administration is planning to use the “current policy registration” of the draft law to help it move through Congress.

CBO budget office (CBO) is responsible for registration of a spending and spending legislation for the impact of its budget over time. The Central Bank of Oman is currently required to use a current law line, which is assumed that the laws that will expire at a certain time do so at that time, when analyzing legislation or making budget expectations. The current political foundation line may assume that some laws have been extended even if the law says it is scheduled to end.

“Even a year ago, I was a civilian, I was looking at the numbers of the Central Bank of Oman for 35 years in my daily investment job, but I never understood the way this registration works. It is tied towards spending, and this is why spending has come out On Washington, Besent said.

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Congress rules for Budget reconciliation Allowing short projects to exceed the Senate voting threshold of 60 votes to overcome the legislative filbuster-but the draft law cannot contain provisions not related to a budget and cannot increase the budget deficit to exceeding the amount specified in a 10-year budget window.

To comply with these rules, Tax discounts and jobs law It included some provisions that were permanent, such as the decrease in the average corporate tax, while other temporary provisions were established with many of the main policies that were appointed at the end of this year.

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The prominent provisions that are scheduled to be expired at the end of 2025 include those that reduced personal income tax rates, almost the standard discount that most taxpayers demand when providing and expanding child tax credit, among other items.

Pisent said that the failure to extend tax cuts will lead to the largest tax increase in history, which will have a negative impact on the American and American economy with harm as well. Budget Through low growth.

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“What will explode not only a budget deficit hole, in the economy and in the lifestyles of the American working class (IS) if we do not complete this tax law,” Pisent explained. “As I said in the Senate hearing sessions, this is a corridor for our side of the corridor, and we will have the largest tax increase in history-the largest tax increase in history-and this will be on people alongside our side who do not try to push this forward.”