Twenty Republican Senators Urging Treasury To Give Wealthy Another Tax Cut Via Executive Order

Truth is stranger than fiction.  It's hard to believe this is real.

In a letter sent to Steve Mnuchin on Monday, Senator Ted Cruz urged the Treasury Secretary to use his “authority” to index capital gains to inflation, a move that would almost exclusively benefit the mega-rich. Claiming, falsely, that the United States economy “has experienced historic levels of growth as a result of Congress and the current administration’s policies such as the Tax Cuts and Jobs Act,” Cruz insists that it is now crucial for the Treasury Department to adjust capital gains for inflation “so that everyday Americans can continue to enjoy better lives and livelihoods.” And by “everyday Americans,” he of course means (but doesn’t say) the spectacularly wealthy.

Missing from Cruz’s call for Mnuchin to use “executive authority” to end this “unfair” treatment of taxpayers, which was signed by 20 of his Republican colleagues, is the fact that, according to the Penn Wharton Budget model, a whopping 86% of the benefit of indexing capital gains to inflation would go to the 1 percent (and reduce annual tax revenue by an estimated $102 billion over a decade).

This is the GOP long con in a nutshell. Trump blazes away with raw and hideous racism. Meanwhile, he and his party look for ways to ship yachtloads of cash to the super wealthy. 

A sitting U.S. president who can’t stop attacking black and brown people. A never-ending trade war that has necessitated more than one multibillion-dollar farm bailout. A humanitarian crisis on the border of his own state. These are just a handful of the many issues that Senator Ted Cruz could be focused on. Instead, he’s currently devoting his efforts to a much more important cause: demanding another tax cut for the rich, this time without Congress’s approval.

.... he’s arguing that the executive branch should give the super-rich another tax cut and it’ll benefit everyone because of trickle-down economics which—checks notes—has never actually worked. Including in the case of the 2017 Tax Cuts and Jobs Act.

Don’t let them get away with it

Source: https://www.vanityfair.com/news/2019/07/republicans-capital-gains-tax-cut