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Business & Economy

Business & Economy

The Big Story

Bessent says tax bill must pass by Independence Day

Treasury Secretary Scott Bessent said the Fourth of July is the new deadline for the lawmakers to pass President Trump’s ambitious tax agenda.

© Greg Nash

Bessent and Kevin Hassett, the director of the National Economic Council, met Monday on Capitol Hill with Speaker Mike Johnson (R-La.), Senate Majority Leader John Thune (R-S.D.) and top tax writers.

Congress returned to Washington on Monday to kick off a key stretch to get the package, which includes broad swaths of Trump’s agenda, passed. Republicans aim to pass it with only GOP votes, but must first work out significant disagreements.

Bessent hailed the unity among Republicans in both chambers before laying out the new target date.

Trump and Republicans are set to include a potpourri of party tax goals in the single package, including potentially making the tax cuts passed in 2017 permanent and eliminating taxes on tips, overtime and Social Security.

Republicans also expect the bill to contain immigration reform, Pentagon funding, an increase in the debt ceiling and spending cuts.

Read the full report at TheHill.com.

Welcome to The Hill’s Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.

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