'Led by Ted Cruz, GOP Senators Call on Trump to Bypass Congress to Give Rich Americans Another Tax Cut'
A group of over 20 Republican senators on Monday urged President Donald Trump's Treasury Department to bypass Congress to unilaterally hand the wealthiest Americans another massive tax cut.
In a letter led by Sen. Ted Cruz (R-Texas), the GOP senators called on Treasury Secretary Steven Mnuchin to index capital gains to inflation, a move that would primarily reward rich investors.
According to Bloomberg, the Trump White House is "developing a plan" to cut taxes for the rich by indexing capital gains to inflation.
"Indexing capital gains would slash tax bills for investors when selling assets such as stock or real estate by adjusting the original purchase price so no tax is paid on appreciation tied to inflation," Bloomberg reported last month.