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 ...