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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGOP senators led by Ted Cruz call on Trump to bypass Congress to give rich Americans another tax cut
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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 group of over 20 Republican senators on Monday urged President Donald Trumps Treasury Department to bypass Congress to unilaterally hand the wealthiest Americans another massive tax cut.
In a letter (pdf) 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.
Ben Wikler
?Verified account @benwikler
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. Dont let them get away w it.
Ted Cruz Demands Emergency Tax Cut for the RichLink to tweet
Chye-Ching Huang
? @dashching
Chye-Ching Huang Retweeted Alan Rappeport
This would add ~$100-200 billion to deficits
86% would go to the top 1%, with new loopholes for the wealthy.
And the Administration lacks legal authority to do it: https://www.cbpp.org/research/federal-tax/indexing-capital-gains-for-inflation-would-worsen-fiscal-challenges-giveLink to tweet
https://www.cbpp.org/benefits-of-indexing-capital-gains-to-inflation-would-flow-almost-exclusively-to-the-top
https://www.rawstory.com/2019/07/led-by-ted-cruz-gop-senators-call-on-trump-to-bypass-congress-to-give-rich-americans-another-tax-cut/
Scumbags will be scumbags.
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GOP senators led by Ted Cruz call on Trump to bypass Congress to give rich Americans another tax cut (Original Post)
TheBlackAdder
Jul 2019
OP
TheRealNorth
(9,500 posts)1. I am thinking that they may think the stock market may be about to burst
Got to pump some more money in to keep the bubble from bursting before Election day.
at140
(6,110 posts)2. Career pols are puppets of
Their mega-doners. Orders must be followed
We need Elizabeth Warren more than ever!
Faux pas
(14,690 posts)3. Kickin' with disgust
Me.
(35,454 posts)4. "And the Administration lacks legal authority to do it"
dalton99a
(81,570 posts)5. The corruption is thorough and brazen.
TheRealNorth
(9,500 posts)6. How does one index Capital Gains tax to inflation?
I thought capital gains were taxed at a flat rate depending on the type of investment and any inflation is built into the profit that is taxed.
oasis
(49,407 posts)7. What kind of idiots thought Cruz was worthy of another term?