The Senate Finance Committee voted 16-11 Tuesday morning to move up the nomination of Scott Bessent, President Trump's nominee for Treasury Secretary.
Sens. Mark Warner (D-Va.) and Maggie Hassan (D-H.) went against party lines and joined Republicans in supporting the nomination. But the vote did not take place without some last-minute opposition from Democrats.
Senate Finance Chairman Ron Wyden (D-Ore.) said he “strongly” opposed the nomination, arguing that the billionaire “does not follow his taxes properly,” and urged his colleagues to do the same. He said he begged him to take it.
“He opted out of paying his fair share of Medicare taxes. The IRS has gone to court twice to ban this particular scheme that Mr. Bessent is using,” Crapo said. “Treasury Department policy states that Mr. Bessent's actions violate the law.”
Senate Democrats are accused While working as a partner at Key Square Group, he successfully avoided paying nearly $1 million in Medicare taxes.
“Thirty years ago, Cabinet nominees had their nominations withdrawn because they didn't pay maybe hundreds, or in the worst cases, thousands of dollars in taxes,” Sen. Sheldon Whitehouse (R) said Tuesday. added. It's very telling to me that someone got away with $900,000 in Medicare contributions. ”
The White House said the issue illustrates the country's “double standards.” “If you're a millionaire, you're not expected to follow the rules.”
But Finance Committee Chairman Mike Crapo (R-Idaho) pushed back, saying, “The implication here that he doesn't pay taxes is completely false.”
“This issue is one where the nominee pays taxes according to standard current tax law, but the Internal Revenue Service is seeking a change in interpretation not just for this nominee, but for a significant number of other taxpayers. “about the law in question,'' he said.
“And if the Internal Revenue Service's reinterpretation is approved, he would be liable to pay taxes like many other people,” he said. “This issue is in court. It's not his lawsuit, it's a lawsuit filed by another taxpayer against the IRS seeking a rule change.”
The chairman went on to say that Mr. Bessent “is in full compliance with traditional tax laws and stands ready to pay the taxes owed if the IRS' position prevails in court and the rules are changed.” said.
