Texas Senator Ted Cruz leading Republican charge to change capital gains tax rules by using executive authority rather than seek Congressional approval.
Senate Minority Leader Chuck Schumer has accused Sen. Ted Cruz and his Republican colleagues of trying to"break the rules" and secure another tax cut for America's wealthiest individuals and corporations via the"back door.", urging it to remove inflationary gains from its calculation of capital gains tax liability. The GOP senators argued that this"punishes taxpayers for the mere existence of inflation and is inherently unfair.
Cruz's letter states that, according to the Tax Foundation think tank, changing the capital gains tax calculation would add around $22 billion in value to the American economy in the long run,"a gain that would be realized by American workers through more jobs and higher wages." "On the whole, the growth effects tend to show a relatively small first-year effect on the economy," the report stated."Although growth rates cannot indicate the tax cut's effects on GDP, they tend to rule out very large effects, particularly in the short run."
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