Did Donald Trump’s new treasury secretary pledge to abolish income tax? Here's what Bessent really said

The US Senate on Monday confirmed billionaire investor Scott Bessent as the treasury secretary, paving the way for Donald Trump to deliver on the election tax-cut pledges.

Bessent has spent his career in finance, working for macroinvestment billionaire George Soros and noted short seller Jim Chanos, and has advocated for tax reform and deregulation, reported Reuters.

Moments after his confirmation, a post from an account bearing Bessent’s name on X claimed he would abolish income taxes, introduce a consumption tax, and push for a gold-backed currency.

"As Treasury Secretary, I'm committed to eliminating taxes, replacing them with a fair consumption tax and adopting a gold-backed currency. We'll erase debt, restore financial privacy, and unlock new technologies for a prosperous future. The golden age starts now," the post read.

However, the claim was quickly debunked.

Community notes on the platform flagged the account as fake, stating it violated X’s policy on impersonation and platform manipulation. The statement from the fake account has no connection to Bessent’s official stance.

Bessent has repeatedly said that he will prioritise delivering on election tax-cut pledges.

In a November interview with the Wall Street Journal, Bessent said that tax cut measures would include making Trump's first term tax cuts permanent, as well as eliminating taxes on tips, social-security benefits and overtime pay.

During his confirmation hearing, Bessent committed to maintaining the IRS’ Direct File program for the 2025 tax season, which allows taxpayers to file their returns directly with the agency for free.

Bessent also stressed his intent to safeguard the Federal Reserve’s independence and called for more aggressive sanctions on Russian oil.

He identified extending Trump’s 2017 tax cuts—set to expire at the end of this year—as the "single most important economic issue of the day." He warned that failure to extend the cuts would result in a "gigantic middle-class tax increase" and economic hardship.

Trump’s stance on income tax

“It’s time for the United States to return to the system that made us richer and more powerful,” Trump said, adding, “We had no income tax. The income tax came in 1913.”