Scott Bessent

Bessent didn't provide details about how the cost would be offset, though he said the Treasury had been working on the plan for "quite awhile."

The Trump administration would try to lower the federal budget deficit through Congress by the end of this year if Democrats are able to flip either chamber in the midterms.

The Treasury Department escalated an effort to strip schools of their tax-exempt status if they consider race in admissions, scholarships or other areas.

The Internal Revenue Service confirmed Treasury Secretary Scott Bessent's term as acting IRS commissioner has expired, although he will continue to oversee it.

The president's latest import taxes seem likely to lead to another legal challenge and more uncertainty for trading partners, companies, consumers and investors.

The U.S. and more than 100 other countries finalized an agreement that would exempt American companies from some foreign taxes.

Trump's aides are discussing making the Treasury chief the top White House economic advisor, in addition to his current job, plus acting IRS commissioner.

President Trump's idea of mailing $2,000 "dividend" payments from tariffs to citizens marks a throwback to the stimulus checks distributed during COVID.

The Treasury Secretary said he hadn't spoken to the president about this idea but "the $2,000 dividend could come in lots of forms, in lots of ways.

Among the targets of the audit is a business development program designed to serve socially or economically disadvantaged individuals.

Democrats are asking TIGTA to investigate reports that the administration plans to have the Internal Revenue Service target left-leaning nonprofits and donors.

Sens. Ron Wyden, Chuck Schumer and Elizabeth Warren want to know how Frank Bisignano can simultaneously run the IRS and the Social Security Administration.

A group of tax organizations, including the NATP and NAEA, hopes to preserve the core tax functions relied on by tax professionals despite cutbacks at the IRS.

Treasury Secretary Scott Bessent said the European Union has some "internal matters" like the DST to sort out before the bloc can enter into trade negotiations.

The Treasury secretary touted some of President Trump's campaign proposals, including not taxing tips, Social Security or overtime.

President Trump suggested his sweeping tariffs would help him reduce income taxes for people making less than $200,000 a year.

Treasury Secretary Scott Bessent appointed his deputy, Michael Faulkender, to lead the IRS, after Gary Shapley had been installed without Bessent's knowledge.

Gary Shapley, who was named only days ago as acting commissioner, was removed by President Trump and replaced by Deputy Treasury Secretary Michael Faulkender.

The highest average tax rate on imports in more than a century could raise prices and stunt economic growth.

The Treasury Department limited the scope of the Corporate Transparency Act's beneficial ownership reporting requirement to foreign companies.