Cruz, Scott Seek Capital Gains Tax Cut, Skirting Congress

GOP senators want Treasury Secretary Scott Bessent to provide additional tax relief on capital gains without going to Congress in hopes of boosting the housing supply.

Sens. Ted Cruz (R-Texas) and Tim Scott (R-S.C.), argued in a letter seen by Bloomberg Tax and first reported by the Washington Post that the change would boost economic growth and encourage people to sell their homes based on a smaller tax hit.

The Republicans argued that Bessent has the authority to define cost basis that would allow investors selling assets such as stocks or real estate for which they have capital gains to ...