During his first hearing as a member of the Senate Finance committee, Senator Reverend Warnock questioned Scott Bessent, President-elect Trump’s nominee to run the Department of the Treasury

Senator Warnock’s line of questioning highlighted Bessent’s committed to tax cuts for those making millions and billions of dollars a year while working-class Georgians struggle

Senator Reverend Warnock: “I think our country is facing structural deficits, however, I think to continue to reduce taxes for the wealthy and letting them avoid taxes based on what they already owe is not going to get us out of that problem”

ICYMI from NBC: Warnock spars with Bessent over Trump tax cuts

Watch Senator Warnock at Thursday’s Treasury Secretary nominee hearing HERE

Washington, D.C. – Today, during a Senate Finance committee hearing on Scott Bessent’s nomination to lead the Department of the Treasury, U.S. Senator Reverend Warnock (D-GA) pressed Bessent on his insistence on preserving tax cuts for the richest Americans while the deficit grows and working-class Georgians struggle. Bessent remained adamant that tax cuts for American millionaires and billionaires continue. 

“I think our country is facing structural deficits, however, I think to continue to reduce taxes for the wealthy and letting them avoid taxes based on what they already owe is not going to get us out of that problem,” said Senator Reverend Warnock.

During his line of questioning, Senator Warnock asked if Bessent was committed to preserving tax cuts for ultra-wealthy earners at the expense of lowering the deficit, specifically if he would support continuing to provide tax cuts for those making $400,000, $1 million, $10 million, or $1 billion. At no point did Bessent indicate there was any high level of income which he wouldn’t continue to provide tax cuts for. 

“The largest cuts from extending the Trump tax bill would go to those with the highest income, especially those in the top 1% making more than $1 million a year,” said Senator Reverend Warnock. “Do you believe that the wealthiest 1% of Americans deserve or need an additional tax cut?” Senator Reverend Warnock asked Scott Bessent.

Senator Warnock has long been a champion for tax cuts, credits, and programs that support working families and fought to make sure the nation’s wealthiest pay their fair share. Senator Warnock fought to secure the Expanded Child Tax Credit as part of the American Rescue Plan and has advocated to make the Expanded CTC permanent in the effort to slash child poverty in Georgia and across America.

Watch the Senator’s full remarks and line of questioning HERE.

See below a transcript of key exchanges between Senator Warnock and Secretary of Treasury nominee Scott Bessent:

Senator Reverend Warnock: “You talked about high deficits as a national defense problem, and I agree with that. I think we need to be fiscally responsible. We need to work to bring the national debt under control.

“In 2013, Congress extended the Bush tax cuts for everyone except those making more than $400,000 a year. This bipartisan decision saved the Treasury $600 billion, helping to narrow the deficit. 

“Do you agree that ending the tax cuts for those making more than 400 thousand dollars would help close the deficit and reduce our national debt?”

Scott Bessent: “Senator Warnock I do not.

“I believe you would capture an inordinate amount of small business people, people in that cohort of $400,000 to a million.”

SRW: “So you wouldn’t cut it off at $400,000. What about $1 million?”

SB: “Again, I believe that these are small business pass-through owners. As I said before, Wall Street has done great, it is time for Main Street to do well and small businesses need to drive what I call the reprivatization away from government spending.”

SRW: “I agree that it’s Main Street’s time. I’m from Atlanta so I’ll say Peach Street. What about those making more than $10 million? Would we reduce the deficit by extending those tax cuts for folks making about $10 million?”

SRW: “So there is no income level which you would support raising taxes? Is that fair”

SB: “There’s no income level that I don’t think we should continue the TCJA [Tax Cuts and Jobs Act] as it was.”

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