To promote President Donald Trump’s economic platform, Treasury Secretary Scott Bessent visited Long Island and was on a panel with Nassau County Executive Bruce Blakeman and business people from across the county.
The March 30 discussion at the Legislative Building focused on three aspects of the Working Families Tax Cut Act, the elimination of taxes on tips, overtime and the creation of ‘Trump Accounts.’ Under the law, parents can open and contribute funds to Trump Accounts for their children under 18. As part of the pilot program for the accounts, children born during Trump’s term will receive $1,000 from the Treasury Department.
“(The law is) something,” said Blakeman, the Republican candidate for New York Governor, “that's going to help every family in America.”
In addition to eliminating taxes on tips and overtime and allowing for the opening of Trump Accounts, the law includes an increase in the state and local tax deduction cap to $40,000. It also allocates roughly $170 billion to carry out the administration’s immigration and border objectives and raises the federal debt ceiling to $5 trillion.
“That's the American way,” Bessent said of the tax cuts. “Work harder, keep more of your money.”
The $40,000 SALT (State and Local Taxes) deduction cap is an increase from the previous cap of $10,000. The SALT deduction avoids double taxation and allows certain taxpayers to reduce their federally taxable income by the amount of state and local taxes they paid in a given year. To offset the cost brought on by this and the elimination of tax on tips and overtime, the law cuts nearly $1 trillion from Medicaid and reduces food assistance and clean energy incentives.
Panelists shared their perspectives on the Working Families Tax Cut Act, mostly as it relates to their businesses. Michael Serao, executive vice president and chief administrative officer of First Central Savings Bank, claimed that Trump Accounts could help students build financial literacy.
Much of the discussion among panelists focused on the elimination of tax on tips and overtime as well as tax returns.
“I am surrounded by hard working people, who come into the diner and tell me how happy they are about their tax returns and about how much more money they are getting back,” said Gus Tsiorvas, owner of the Embassy Diner in Bethpage.
Also among the panelists were James Metzger, CEO and founder of the Whitmore Group, and Bolla Oil Company Owner Harry Singh. Both donated to Blakeman’s re-election campaign for county executive.
According to the Internal Revenue Service, the average tax return in March 2026 is roughly 10 percent higher than it was in March 2025.
“This means more discretionary spending here in Nassau County,” said County Comptroller Elaine Phillips, “which allows Bruce not to raise taxes.”
Rises in refund amounts suggest that there is a potential for higher disposable income, according to Forbes.
Blakeman reiterated his view that Nassau is “the safest County in America where we haven't raised taxes one penny in four years.”
County Legislator Delia DeRiggi-Whitton said the Bessent visit, “is as shameless as it gets,” in a statement about Blakeman using taxpayer resources to campaign as everyday costs escalate.
“Nassau residents aren’t stupid — they feel the squeeze every time they fill up, check out at the grocery store, or pay a bill,” she said. “The cost-of-living crisis is real, and it’s being driven directly by the disastrous tariffs and global instability coming from the same out-of-touch allies in Washington he continues to stand with.”
