New Treasury secretary supports bonus depreciation, tariffs

The Senate confirmed hedge fund manager Scott Bessent as the new Treasury secretary on Jan. 27. Bessent will play a particularly significant role in advancing tax legislation and regulations in the new administration.

Bessent is one President Donald Trump’s less controversial nominees. The new Treasury secretary secured confirmation by a 68-29 vote, as several Democrats supported his confirmation. This was despite vocal opposition from Sen. Ron Wyden, D-Ore., the top Democrat on the Senate Finance Committee, which holds jurisdiction over tax policy (and the Treasury secretary’s confirmation).

Bessent spoke favorably of tariffs, including tariffs focused around carbon fuel spent to produce imported goods and 100% bonus depreciation during his confirmation hearing before the Finance Committee on Jan. 16. Bessent also committed to keeping the IRS’s Direct File program, which Republicans have criticized, in place during this current tax season.

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Contacts:

David E. Sites

National Managing Principal,
Washington National Tax Office and International Tax Solutions

Grant Thornton Advisors LLC

David leads the firm's International Tax practice, which focuses on global tax planning, cross border merger and acquisition structuring, and working with global organizations in a variety of other international tax areas.

Washington DC, Washington DC

+1 202 861 4104