Trump’s Treasury nominee, Bescent, will not discriminate on tax evasion and pledges justice

President-elect Trump The Treasury secretary nominee told senators during his confirmation hearing Thursday that he would look to crack down on tax evaders, whether they’re wealthy or not.

Scott BesantThe CEO of Key Square Group, who was nominated by Trump to be Treasury secretary, testified before the Senate Finance Committee and was pressed on whether he would step up audits of wealthy taxpayers. If his appointment is approved, Besant will lead the Treasury Department, of which the Internal Revenue Service is a subsidiary agency.

Senator Ron Wyden, Democrat of Oregon, ranking member of the Senate Finance Committee, noted that although technological advances such as… Artificial Intelligence (AI) If it might help with tax oversight, the agency would need resources that he says it has lacked in the past and as a result has hindered previous efforts to ramp up audits of wealthy taxpayers.

“What I’ve seen is that we don’t have the resources to go after wealthy tax evaders, or people who are using the Earned Income Tax Credit or something like that — they’re the ones who are subject to audits and things like that,” Wyden said. “And I want to see, in this position, someone who is committed to making sure that we will have the resources to go after wealthy tax evaders who have this unique type of system.”

Treasury Secretary nominee Scott Besent to make call to action during hearing: ‘A generational opportunity’

“And I would acknowledge your point that it’s certainly going to be a challenge in the coming years in terms of AI and other technologies, but we’re still going to need resources,” Wyden added.

“If confirmed, I will get back to you with a plan to increase the collections,” Besant replied.

This prompted Wyden to follow up by asking, “On Wealthy tax cheats?

“You seem to think that wealthy people cheat more, but I think that across the entire income spectrum,” Besant said.

“You say that the rich have this special cache, but if there are some big key vaults out there, to figure out how to crack it – whether it be through artificial intelligence or some other means – I will commit to getting back to you.”

Treasury Secretary Nominee Scott Besent’s ‘3-3-3’ Plan: What to Know

Wyden noted that Trump Commissioner of the Tax Authority He testified from his first term that the agency needed additional funding for several years because it was “outgunned when it comes to auditing wealthy individuals and large corporations.”

“The view I stated today is not just a view I’m presenting, but it’s a view that one former Trump appointee specifically said that the agency was superior in terms of resources. You indicated you would continue the discussion. It’s important.” One,” Wyden told Besant.

Get FOX Business on the go by clicking here