On Tuesday, Republican Sens. Ted Cruz of Texas and Tim Scott of South Carolina formally urged Treasury Secretary Scott Bessent to enact roughly $200 billion in tax cuts without the approval of Congress.
In a letter obtained by The Washington Post, Cruz and Scott asked the Treasury Department to use what they characterize as its existing executive authority to implement significant cuts in capital gains taxes, the levies on profits from the sale of assets such as stocks, homes, and businesses, arguing that such action would spur investment, job creation, and relief for American taxpayers.
