Senate Democrats Blast Trump Treasury Pick Bessent’s Tax Breaks

Senate Democrats took to task President-elect Donald Trump’s pick to run the Treasury Department for his use of legal maneuvers to pay less in taxes contributing to Medicare and state and local jurisdictions.

Bessent’s interest in Key Square Group LP, the hedge fund he founded, was structured to avoid taxes imposed on net earnings from self-employment that help fund the Social Security and Medicare trust funds known as SECA, according to a memo obtained by Bloomberg Tax, compiled by the Senate Finance Committee Democratic staff. The panel reviewed Bessent’s personal tax returns and financial disclosures between 2021 and 2023 and ...