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CopiedShareTreasury pick Scott Bessent and Trump transition team deny allegations that he avoided taxesKate Santaliz

In a new memo obtained by NBC News, Senate Finance Democratic tax staff found that Scott Bessent avoided over $950,000 of self-employment taxes. 

In a review of the Treasury Secretary nominee’s tax returns from 2021, 2022, and 2023 and his financial disclosure form, the committee found that Bessent avoided paying $950,182 of SECA taxes (a tax on net earnings from self-employment as part of financing the social security and medicare trust funds) and SALT taxes (state and local).

Despite IRS and Tax Court rulings that would require Bessent to pay SECA taxes, Bessent told the committee he maintains his position, which is that he was not liable for SECA taxes on income earned through his hedge fund, Key Square Group LP, since he was a “state law limited partner.” The committee argued Bessent was “actively involved” in his partnership at the hedge fund, and therefore, violated the Department of Treasury’s own policies. 

Spokespeople for the Trump transition team and Senate Finance Committee Chairman Mike Crapo, R-Idaho, argued that the allegations that Bessent avoided paying hundreds of thousands of dollars in self-employment taxes while at Key Square Group, and that he used improper deductions are “meritless” and not an accurate interpretation of the tax code. 

https://www.nbcnews.com/politics/congress/bondi-burgum-confirmations-rcna187926

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