Secretary of the Treasury Scott Bessent highlighted the economic benefits of President Trump's 2027 Budget and recent legislative achievements, including the Working Families Tax Cuts, during his testimony before the United States House of Representatives Ways and Means Committee on June 4, 2026.
Bessent praised the "Working Families Tax Cuts," noting that over 62 million tax returns claimed new benefits like "No Tax on Tips" and "No Tax on Overtime," leading to an 11 percent increase in average refunds. He emphasized that the legislation prevented a $5 trillion tax hike and protected standard deductions and child tax credits for millions of families.
The Secretary also introduced "Trump Accounts," designed to give every American child a stake in U.S. equities, with nearly 6 million accounts opened and 1.4 million eligible for a $1,000 seed contribution. He further detailed how President Trump's pro-growth policies extend to trade and deregulation.
Regarding trade, Bessent reported a $369.8 billion decline in the goods trade deficit over the 12 months ending March 2026, alongside the creation of 313,000 net new private sector jobs and 13,000 manufacturing jobs in the past two months. He also highlighted the administration's "great regulatory reset," which achieved a 129-to-1 ratio of regulations slashed to new ones issued in 2025, generating significant savings.
"Today, his policies are driving lower taxes, bigger paychecks, and broader prosperity," Bessent said, thanking the Committee for its partnership and expressing anticipation for continued progress with the President's upcoming budget.