Remarks by U.S. Secretary of the Treasury Scott Bessent at Long Island Business Roundtable

Thank you all for being here today. It's an honor to serve at the 79^th Treasury Secretary of the United State of America under President Trump, and thank you, Bruce, for bringing this group together.

President Trump's economic agenda is focused on three pillars: trade, tax, and deregulation. Together, these efforts are designed to unlock what we call "Parallel Prosperity" for both Main Street and Wall Street. Wall Street always does great and can continue doing well, but now it's Main Street's turn.

At the center of that effort is the Working Families Tax Cuts, a historic package the President delivered last year to support American workers, families, and businesses.

Small businesses like yours are the backbone of our economy, and today's session was designed so we can hear directly from you about the impact you are seeing here out on Long Island, what's working, and where we can do more to support you and your businesses.

In my role at Treasury, I also oversee the IRS. I am pleased to share that the 2026 tax filing season has been a strong one thus far. Refunds are up more than 10%.

Across the country, households and businesses are already seeing the benefits of this legislation, with millions of Americans keeping more of what they earn and watching their paychecks go further.

In fact, nearly half of all filers so far have benefited from at least one of the President's signature provisions of the Working Families Tax Cuts. More than 4.6 million taxpayers have claimed the No Tax on Tips deduction, and nearly 20 million have benefited from No Tax on Overtime. More than 25 percent of tax returns have people claiming a benefit from No Tax on Overtime. I think everybody here would agree with me, that that's the American way. Work harder and keep more of your money. Nothing wrong with that, it's a very simple formula for success.

For small businesses, the impact has been especially meaningful. On average, the law is reducing taxes for roughly 12 million small business owners by nearly $7,000. The permanent extension of the 20 percent Small Business Deduction alone is delivering about $4,600 in average tax relief to 8 million entrepreneurs around the country.

We have also taken important steps to support innovation and investment. Immediate deductibility for R&D expenses has been restored, and applied retroactively, unlocking an estimated $100 billion in prior-year deductions for tens of thousands of small businesses.

Full expensing provisions allow businesses to deduct the cost of investments upfront, improving cash flow and making it easier to move forward with growth plans.

At the same time, we have worked to reduce unnecessary administrative burdens. The repeal of the 1099-K reporting eliminates millions of forms, and increasing the 1099-MISC and 1099-NEC thresholds will reduce paperwork significantly for businesses and workers.

For New Yorkers in particular, we also raised the SALT deduction cap to $40,000 for tax years 2025 through 2029, providing meaningful relief in a high-cost state like New York. And I can tell you that it was the NY state delegation that took the lead on that. They did a great job bringing it home for the people of New York.

Overall, the average refund nationwide is up more than 10 percent compared to last year. Importantly, working Americans will also change their withholding and get an immediate jump in their take home pay. All of this is part of a broader effort to usher in a new era of economic growth by putting more money back into the hands of American workers, families, and businesses. And we want more people than ever before to be able to benefit from the vibrant economy President Trump is building, which leads us to Trump Accounts.

Trump Accounts are the ultimate merger of Main Street and Wall Street. They represent perhaps the most groundbreaking policy innovation of modern times. It is literally the first direct provision for younger generations since the GI bill. And they are shaped by a simple vision: "Every American a shareholder."

Trump Accounts will help more Americans than ever before build long-term savings and wealth through tax-advantaged accounts that encourage investment, financial security, and upward mobility over time.

Children born during the President's term will receive a $1,000 contribution from the Treasury Department that will be immediately invested in an index fund. But all children under 18 are eligible for Trump Accounts - it is as simple as their parents filling out Form 4547 when filing taxes this year.

So before I turn it back to Bruce, I will note that the Working Families Tax Cuts were designed with business and community leaders like you in mind. But ultimately, the real measure of success is what you all are experiencing on the ground. Today, I am here to listen.

With that, I will turn it back to Bruce and all of you. Thank you.

Click HERE to watch Secretary Bessent's full remarks.

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