President-elect Donald Trump is set to nominate hedge fund executive Scott Bessent as Treasury secretary, a role critical for advancing his economic agenda. Bessent, founder of Key Square Group, is known for his market expertise and advocacy for tariffs, deregulation, and energy independence. However, his previous ties to George Soros may pose challenges during the confirmation process.
In 2025, key provisions of the Tax Cuts and Jobs Act will expire, prompting discussions on tax policy amid rising spending. Natasha Sarin, a former Treasury counselor and current Yale professor, explores effective strategies for taxing the ultra-wealthy, whose wealth largely consists of unrealized stock gains.
Yale University’s endowment reported a 5.7% investment return for the year ending in June, marking the second-lowest return in the Ivy League, just above Princeton. The fund's value rose to $41.4 billion, contributing $2 billion to the university's operations in New Haven, Connecticut.
Donald Trump's tax reform proposals could exempt approximately 93.2 million Americans from income taxes, including those receiving Social Security benefits, tips, and certain occupations like firefighters and police officers. His plan aims to replace income tax revenue with tariffs, specifically a 20% universal tariff on imports, though experts argue this approach may not generate sufficient revenue. The overall tax changes could reduce federal revenue by an estimated $3 trillion from 2025 to 2034, raising concerns about the feasibility of such a shift away from the income tax system.
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