Bessent Says Ending ‘Tax Gimmicks’ Is an Option to Cut US Deficit

The signal matters more than the substance here: a Treasury Secretary floating tax-base changes as a deficit tool puts fiscal consolidation back on the table, but without naming provisions or a timeline it remains a positioning statement rather than policy. For markets, the ambiguity is the point — 'tax gimmicks' could touch anything from carried interest to depreciation schedules, and each carries different implications for asset holders. Whether Democrats engage seriously, and whether any specific provision is ever named, is the open question worth watching.