Amid ongoing debates over tariff policies, the US Treasury Secretary is intensifying efforts to secure a new tax agreement. In an exclusive interview, Scott Bessent highlighted the progress being made toward solidifying key elements of the 2017 Tax Cuts and Jobs Act (TCJA). He emphasized that despite the current focus on tariffs, significant strides are being achieved in advancing the tax legislation through both chambers of Congress. According to Bessent, by Independence Day, there may be permanent measures enacted for certain provisions within the TCJA, providing much-needed stability.

The TCJA introduced sweeping changes, including a notable reduction in the corporate tax rate from 35% to 21%, which has been permanently established. However, other components, such as individual tax cuts worth approximately $4.5 trillion, are set to expire at the end of 2025. Lawmakers are now re-examining these expiring provisions, with the House recently approving a budget proposal that incorporates substantial tax reductions alongside government spending cuts. This plan aims to slash taxes by roughly $5 trillion but could also increase national debt by nearly $5.7 trillion, according to reports.

Bessent refrained from commenting specifically on whether tax breaks for higher-income individuals might be allowed to lapse to finance the broader strategy. Instead, he indicated that all options are under consideration, including potential revenue increases. By maintaining flexibility and awaiting presidential guidance, the administration seeks to strike a balance that fosters economic growth while addressing fiscal responsibility. Such efforts underscore the importance of thoughtful policymaking in shaping a prosperous future for all citizens.