Tax troubles cloud Treasury Secretary nominee

Scott Bessent, nominated as Secretary of the Treasury, faces scrutiny over his tax returns, which reportedly show he avoided nearly $2m in taxes through loopholes and write-offs. The Senate Finance Committee’s review indicates he did not follow U.S. tax rules and declined to amend his returns when given the chance. Sens Elizabeth Warren (D-MA), Ron Wyden (D-OR), and Sheldon Whitehouse (D-RI) argue that, to restore public confidence, Mr. Bessent must undertake four actions: release his tax returns, submit to an IRS audit, recuse himself from related discussions, and support enforcement against tax evasion. His involvement in the Key Square Group hedge fund and All Seasons Press has raised questions about his tax claims, with reports suggesting he improperly claimed losses and deductions. As the Treasury Secretary oversees tax law implementation, these issues pose a significant challenge to his credibility