Bessent Refuses to Answer Questions on Trump IRS Deal

Treasury Secretary Scott Bessent refused to say Wednesday whether President Trump and his family would still get immunity from IRS audits after the administration abandoned plans for a $1.776 billion compensation fund that would have benefited the president's allies. "There's continuing litigation, and I'm unable to comment on ongoing litigation," Bessent told lawmakers at the Senate Finance Committee hearing.

• It was a frustrating answer for Democratic lawmakers looking to get answers from Bessent at a hearing ostensibly focused on the Treasury Department's budget and came a day after acting Attorney General Todd Blanche seemed to indicate that the portion of the settlement dealing with the IRS audit immunity would still be in effect for the president, the AP reports.
• "Secretary Bessent owes the committee an explanation of what the Treasury knows about the dirty settlement. That's because his department was involved from beginning to end," said Democratic Sen. Ron Wyden.

• After several failed attempts to get Bessent to answer, Democratic Sen. Catherine Cortez said, "It's been very clear you're dodging this and you're trying to use it as an excuse. It's just outrageous on behalf of the American republic."
• Bessent was, however, willing to answer a question about a clash last year with federal housing agency director Bill Pulte, Trump's pick for acting director of national intelligence. GOP Sen. Thom Tillis asked Bessent if reports that he had threatened to punch Pulte in the face were true, the Hill reports. "No sir, I actually said I was going to kick his a--," Bessent replied. "Good, I share the emotion," Tillis said. "Thank you."

• The administration decided to scrap plans for the compensation fund, which could have included payouts to participants in the Jan. 6, 2021, riot at the US Capitol, after bipartisan outrage and a fierce political backlash that threatened to stall key elements of the White House agenda. The status of the IRS immunity deal as part of the controversial settlement crafted to resolve Trump's $10 billion lawsuit against the IRS remained unclear, though Blanche said Tuesday that "nothing has changed" in that regard.
• Previous reporting from the New York Times and ProPublica shows that a long-standing audit of a technique Trump reportedly used to avoid paying taxes years ago could have resulted in an estimated $100 million bill if the IRS had found wrongdoing.
• Even some Republicans expressed concern Wednesday over the plan to shield Trump from the IRS. Sen. Bill Cassidy, speaking to reporters outside the chambers, said, "I don't think any American should have a deal like that."