Central Montana Times

U.S. Senator Steve Daines engaged in a discussion with Scott Bessent, President Trump's nominee for Treasury Secretary, at a Senate Finance Committee hearing. The focus was on the need for permanency in the tax code and support for small businesses in Montana.

During the hearing, Daines emphasized the divide between different economic philosophies and criticized past spending bills, which he described as inflationary. He stated, "I couldn’t be prouder of what we did boldly back during the Trump administration when we tried to fight against... these massive out-of-control spending bills that were inflationary."

Daines highlighted the potential impact of expiring tax rates, noting a looming $4.3 trillion tax increase if Congress does not act this year. He expressed his support for making tax provisions permanent to reduce uncertainty for Americans. "It’s time to make them permanent," Daines said.

Bessent responded by discussing how permanency in tax policy could drive economic growth. He noted an increase in optimism among small business owners since November 5th and explained that certainty could lead to more capital investment and hiring. "Everyone wins with permanency, certainty," Bessent stated.

The conversation also touched on the importance of pass-through entities, which represent a significant portion of private sector jobs. Daines stressed the urgency of maintaining permanent rates for these entities to avoid substantial tax increases.