Treasury Secretary Questioned on Personal Financial Gain from Budget Bill and IRS Data Sharing

Personal Benefit from Budget Bill

• 💡 Representative Doggett questioned Treasury Secretary Bessent on whether the passage of the "Big Beautiful Bill" would provide him and other Trump appointees with substantial personal financial benefit.
• 🎯 Bessent was asked if not having taxes restored to the previous 39.6% level would be a significant gain, to which he did not provide a direct yes or no answer.

Concerns Over IRS Tax Code Weaponization

• ⚠️ Doggett expressed concern about the weaponization of the Internal Revenue Tax Code by the president and Bessent's role in it.
• ⚖️ He cited sections of the Internal Revenue Code that make it unlawful to request IRS audits or investigations of particular taxpayers, and that protect taxpayer privacy.
• 🏛️ The questioning referenced the president's public threats to revoke Harvard's tax-exempt status as an example of potential misuse.

Pledges on IRS Audit Interference

• ✅ Bessent pledged to follow the law regarding any interference in IRS audits or investigations.
• ❓ When asked if he could report back in 30 days about any requests from the president or political appointees to influence audits, Bessent stated he would not repeat private conversations but confirmed he and the president have never discussed Harvard's tax status.

Taxpayer Data Sharing with DOGE

• 🔒 Doggett inquired about the IRS sharing taxpayer data broadly with DOGE (Department of Justice) for data consolidation, emphasizing the need for statutory authorization.
• 🛡️ Bessent asserted that taxpayer information is protected and that data sharing with agencies like Homeland Security is permissible for suspected criminals, while stating they follow all laws and regulations regarding data sharing.
• 🚫 He pushed back on the characterization of DOGE's efforts and assured that the IRS is following all laws concerning data sharing.