EXCLUSIVE INTERVIEW: U.S. Treasury Secretary Bessent discusses state of economy, impacts of Trump tax law and war in Iran
United States Secretary of the Treasury Scott Bessent says he expects a "big make up" to occur once the war in Iran concludes, although the declined to place a date on when that could happen.
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United States Secretary of the Treasury Scott Bessent is urging patience and promoting optimism in the face of rising oil prices due to the War in Iran.
In an exclusive interview with News 12 following an economic roundtable discussing featuring local business leaders and hosted by Nassau County Executive Bruce Blakeman, Bessent defended the war effort in Iran, and insisted that "economic momentum will endure" due to the impact of President Donald Trump's signature tax reform bill.
"The war will end. We will get to the other side of this. Prices will come back down," Bessent told News 12.
"I don't think it's going to be long term, and I think that the American people are willing to accept 50 to 60 days of volatility for 50 years of security," said Bessent.
Bessent says he expects a "big make up" to occur once the war in Iran concludes, although the declined to place a date on when that could happen. However, the treasury secretary says the effects of the new tax law will have a lasting impact.
"We're seeing that our tax refunds are up more than 10%," Bessent told News 12.
"Almost 50% of the tax returns that have been filed have had one of the president's four signature policies. They claimed no tax on tips, no tax on overtime. They have reduced taxes for seniors on Social Security and deductibility of auto loans for American cars, and especially the no tax on overtime, 25% of the tax returns that have been filed, people have claimed that deduction. In my mind, that's the American way. Work harder, keep more of it."
