LIVE: Bessent testifies before the House Ways and Means Committee

Working Families Tax Cuts delivered $325 billion in relief

Approximately 62 million tax returns (44% of filers) claimed at least one signature provision, including no tax on tips, no tax on overtime, auto loan interest deductibility, and enhanced senior deductions.

Average refunds increased 11% with 70% benefiting earners under $100k

Total refunds rose 18% and the average refund grew by over 11%, with 90% of tipped workers who received cuts earning less than $100,000 annually.

Trump Accounts opened for 6 million children

Nearly six million investment accounts have been established for children with 1.4 million eligible for $1,000 seed contributions from Treasury to promote early wealth building.

Prevented $5 trillion tax increase

Bessent warned that failing to pass the legislation would have triggered the largest tax hike in U.S. history, slashing standard deductions for 90% of taxpayers and halving the child tax credit for 40 million families.

China trade deficit fell 32% to lowest since 2004

The administration secured agreements for China to purchase at least $17 billion annually in U.S. agricultural products through 2028 alongside additional Boeing airplane orders.

Reciprocal trade agreements secured $10 trillion in commitments

The trade deficit for goods declined by $370 billion over the trailing 12 months while U.S. exports exceeded $300 billion monthly in early 2025, the highest in 250 years.

Equipment investment surged 17% with manufacturing growth

Factory activity reached its highest level since May 2022, capital expenditures rose at a 17% annual rate, and the economy added 13,000 manufacturing jobs in the past two months.

Deregulation ratio hit 129-to-1

The administration eliminated 129 regulations for every new one issued in 2025, generating more savings than the prior Trump administration's deregulatory efforts combined.

Democrats cite $1,700 tariff cost and 0.5% GDP growth

Ranking Member Neal argued that tariff policies cost households $1,700 last year while GDP growth reached only 0.5% versus administration predictions of 4-5%, with consumer sentiment hitting record lows.

Anti-weaponization fund declared dead

Bessent confirmed the controversial fund is terminated per direction from Acting Attorney General Todd Blanch, though he declined to discuss settlement details citing ongoing litigation involving IRS CommissionerBiziano.

IRS urged to investigate foreign-funded nonprofits

Republicans called for revoking tax-exempt status for 11 organizations allegedly operating under foreign influence, particularly from China, to prevent destabilization of American communities.