Senate Democrats Urge Mnuchin Against Capital Gains Tax Break

More than 40 Democratic Senators urged Treasury Secretary Steven Mnuchin to refrain from using executive action to index capital gains for inflation.

• “According to the Penn-Wharton Budget Model, more than 86% of the benefit of indexing capital gains would go to the top 1% of taxpayers, while just 2.5% of the benefit would go to the bottom 90% of Americans,” the senators wrote. Senate Minority leader Chuck Schumer (D-N.Y.) and Senate Finance ranking member Ron Wyden (D-Ore.) were among those who signed the Aug. 7 letter.
• Using executive action would illegally circumvent Congress, the letter said.
• The letter ...