Treasury Secretary Bessent Pushes for Permanent Tax Cuts, Boosts Rare Earth Independence

Over the past few days, Treasury Secretary Scott Bessent has made major headlines with a series of impactful decisions and public appearances. In a high-profile meeting with the Business Roundtable, Bessent stressed the administration’s commitment to making the Trump tax cuts permanent, telling top CEOs that keeping taxes low is common sense and key to economic growth. The expiring provisions from the 2017 Tax Cuts and Jobs Act, if not renewed, could lead to trillions of dollars in tax increases for Americans, a scenario Bessent made clear he wants to avoid. He emphasized that finding a solution this year is crucial as current tax rules for individuals and small businesses expire at the end of December 2025.

Bessent has also been central in driving U.S. rare earth independence. In Sumter, South Carolina, he celebrated the opening of the first U.S. rare earth magnet plant in twenty five years, operated by German firm Vacuumschmelze. Bessent said this milestone signals the end of China’s chokehold on a vital supply chain and boosts national security, technology, and manufacturing jobs. The plant, financed in part by General Motors to secure domestic supplies for electric vehicles, brings hundreds of permanent jobs. However, some observers note a contradiction, as policies limiting electric vehicle and renewable energy growth could reduce the demand that justifies such investments.

On the affordability front, Bessent continues to brief President Trump regularly on economic matters, focusing on how their policies aim to lower prices and raise real wages for American families. He highlighted progress in reversing inflation, pointing out the first annual drop in April and falling energy prices. According to Bessent, these gains come alongside a push for more real wage growth as manufacturing jobs return.

A significant administrative decision this week was Bessent’s announcement that the IRS Direct File program for tax returns will be discontinued next year. The program, introduced under the previous administration to simplify tax filing, was used by nearly three hundred thousand Americans this year. Bessent defended the move by arguing there are better private-sector alternatives and that the program was underutilized.

Lastly, Bessent warned that a Supreme Court decision against the administration’s tariffs could require the Treasury to refund tens of billions of dollars to U.S. companies, highlighting ongoing high-stakes legal battles that could reshape trade and fiscal policy.

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