US Treasury Secretary Bessent says ‘everything’s on the table’ for taxes on wealthiest

BUENOS AIRES – US Treasury Secretary Scott Bessent said Republicans are looking at all options to help pay for President Donald Trump’s campaign promises of tax cuts, including increasing levies on the wealthiest Americans.

“We’re going to see where the president is” on the issue, Mr Bessent said in an interview during a trip to Argentina on April 14. “Everything’s on the table.”

Mr Bessent said he and his counterparts in the administration and on Capitol Hill are working towards a “refinement portion” of legislation that would extend and potentially expand Mr Trump’s 2017 tax cuts – many of which are set to expire at the end of 2025.

“We’ve got broad agreement, and we’re going to go from there,” Mr Bessent said at the US ambassador’s residence in Buenos Aires.

Bloomberg reported earlier in April that Republicans were weighing the creation of a new bracket for those earning US$1 million (S$1.32 million) or more.

A deteriorating economic outlook

has also added pressure on lawmakers to accelerate the tax negotiations.

Mr Bessent has said that he is working to expand the 2017 cuts to include no taxes on tipped wages and overtime pay, and a new benefit for social security recipients. He also said he wants to give people the ability to deduct the interest payments on their auto loans.

The Treasury chief

was visiting Argentina to show support for the country

after it received a new round of International Monetary Fund funding last week.

He earlier announced that the US would start trade negotiations with the country, after meeting with President Javier Milei and Economic Minister Luis Caputo. BLOOMBERG