Ted Cruz, Tim Scott asking Treasury to approve $200B tax cut without congressional approval
Senators Cruz and Scott seek a $200 billion capital gains tax cut via executive action to boost savings and investment before the 2026 midterm elections, with most benefits to the wealthy.
- On Tuesday, Sen. Ted Cruz and Sen. Tim Scott urged Treasury Secretary Scott Bessent to use executive power to cut federal capital gains taxes, estimating roughly $200 billion in tax cuts.
- Indexing would adjust an asset's purchase basis so a $100 1990 investment sold for $300 would be taxed on roughly $70, reducing taxable gains for inflation.
- Analysts warn that nonpartisan models like Penn Wharton project 63% of benefits would flow to the top 1%, with the bottom 90% receiving just over 2%.
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7 Articles
GOP Senators Advocate For $200 Billion Tax Cut Without Congressional Approval Ahead Of Midterms: Report
Republican senators Ted Cruz (R-TX) and Tim Scott (R-SC) are reportedly advocating for a $200 billion tax cut that would not require congressional approval, as the GOP seeks to boost its economic standing ahead of the midterm elections.
Ted Cruz, Tim Scott asking Treasury to approve $200B tax cut without congressional approval
GOP Sens. Ted Cruz (Texas) and Tim Scott (S.C.) are asking the Treasury Department to approve a $200 billion tax cut without prior authorization from Congress. The two senators have asked the Trump administration to cut capital gains taxes on investors by adjusting the basis for inflation arguing it would boost savings, spur investment and…
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