Western South Dakota News

U.S. Senate Majority Leader John Thune spoke on the Senate floor regarding Scott Bessent's nomination for treasury secretary. He highlighted Bessent's journey from challenging economic circumstances to a successful career in finance, emphasizing his private-sector experience and concern for working Americans.

Thune recalled the impact of the Tax Cuts and Jobs Act passed during President Trump's first administration, which reformed the tax code, lowered tax rates, increased household incomes, and reduced unemployment to its lowest level in 50 years. He expressed concern about the impending expiration of this tax relief, warning of a potential $4 trillion tax hike next year if no action is taken.

Thune stated that extending the tax relief is a priority for Republicans to support economic growth. "I deeply appreciate the fact that Mr. Bessent shares that commitment," he said, expressing his intention to work with Bessent on this matter.

He also criticized the Biden administration's involvement with international negotiations on a global minimum tax regime without consulting Congress. Thune argued this could harm U.S. businesses' competitiveness globally. He committed to collaborating with Bessent and former President Trump’s administration to protect American businesses from unfavorable international agreements.