Trump's Treasury pick Bessent won't discriminate on tax cheats, vows fairness
Published On Jan 16, 2025, 4:37 PM
Scott Bessent, Trump's nominee for Secretary of the Treasury, emphasized his commitment to fairness in tax audits during his Senate confirmation hearing. He stated that he does not intend to discriminate against wealthy tax cheats in favor of enforcing tax laws fairly across all income levels. Bessent pledged to develop a plan to increase IRS tax collections, while also acknowledging the challenges posed by a lack of resources at the IRS for auditing wealthy individuals. He mentioned that technological advances, including the use of AI, could assist in tax oversight, but more resources are needed to make substantial progress.
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If Bessent follows through on his commitments, we could see increased scrutiny of high-income earners and directly related business sectors, potentially impacting their stock prices. This may lead to volatility in sectors like finance and real estate, which are often associated with higher income clientele.