Senate Democrats Urge Mnuchin Not to Cut Capital Gains Taxes

August 8, 2019, 12:17 PM HST (Updated August 8, 2019, 12:17 PM)
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Sen. Hirono. File photo.

US Sen. Mazie K. Hirono (D-Hawai‘i) more than 40 other Senate Democrats wrote Secretary of the Treasury Steven Mnuchin earlier this week urging against unilaterally cutting capital gains taxes for the wealthiest Americans by an additional $100 billion over 10 years.

In their letter, the Senators argued that cutting the capital gains taxes for the wealthy would defy longstanding Treasury Department and Justice Department policies.

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“The proposal would do little to nothing to boost the economy as it would provide a windfall for existing capital assets rather than incentivize new investment,” the senators contended in their letter. “The Congressional Research Service notes that ‘it is unlikely… that a significant, or any, effect on economic growth would occur from a stand-alone indexing proposal.’”

The senators’ letter follows a letter sent 21 Republican senators urging Secretary Mnuchin to circumvent Congress and index capital gains rates to inflation.

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