Secretary of the Treasury Scott Bessent presented President Trump's 2027 Budget to the United States Senate Finance Committee, highlighting the administration's efforts to foster economic expansion through tax cuts, trade policies, and deregulation.
Bessent thanked the Committee for their role in passing the Working Families Tax Cuts, which he described as a "once-in-a-generation bill." He noted that over 62 million tax returns claimed at least one of President Trump’s new tax cuts, including "No Tax on Tips," "No Tax on Overtime," deductibility of American car loan interest, and an enhanced deduction for low- and middle-income seniors. The average refund increased by over 11 percent, with total refunds rising by 18 percent. Bessent emphasized that this legislation prevented a projected $5 trillion tax hike.
The Secretary also introduced "Trump Accounts," designed to give every American child exposure to U.S. equities and compound growth, effectively making every American baby "born a shareholder." To date, nearly 6 million Trump Accounts have been opened, with 1.4 million eligible for a $1,000 seed contribution.
Further bolstering the economic agenda, Bessent pointed to trade and deregulation. He reported a $369.8 billion decline in the goods trade deficit over the 12 months ending March 2026, alongside the addition of 313,000 net new private sector jobs and 13,000 manufacturing jobs in the past two months. On deregulation, the administration achieved a 129-to-1 ratio of regulations slashed to new ones issued in 2025, generating more savings than in the prior Trump Administration combined.
Bessent concluded by stating that these combined initiatives are transformative, driving lower taxes, bigger paychecks, and broader prosperity for American workers and businesses.