Treasury Dept Reviewing If It Can Enact Tax Cut For Rich Without Congress

22 July 2018, Argentina, Buenos Aires: US Secretary of the Treasury Steven Mnuchin attends a press conference following the meeting of the G20 Finance Ministers. The world's financial leaders discussed the effects of... 22 July 2018, Argentina, Buenos Aires: US Secretary of the Treasury Steven Mnuchin attends a press conference following the meeting of the G20 Finance Ministers. The world's financial leaders discussed the effects of recent trade conflicts between China, the EU and the US. Photo: Claudio Santisteban/dpa (Photo by Claudio Santisteban/picture alliance via Getty Images) MORE LESS

Treasury Department Secretary Steven Mnuchin said his department is currently reviewing whether it can give out a $100 billion tax cut to the wealthy without congressional approval, according to The New York Times.  

The Treasury Department is looking at adjusting capital gains taxes — primarily paid by the uber wealthy — to account for inflation, Mnuchin told the Times. The measure was not included in the $1.5 trillion tax cut Congress passed and Trump signed into law last year. This tax cut would benefit the top 10 percent of earners in the U.S., according to the Times.

Mnuchin said he had not yet determined if his department had the jurisdiction to act without Congress.

“If it can’t get done through a legislation process, we will look at what tools at Treasury we have to do it on our own and we’ll consider that,” Mnuchin told the Times. “We are studying that internally, and we are also studying the economic costs and the impact on growth.”

Read the Times’ full piece here.

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