On July 12, 2019, Senator Sherrod Brown (D-OH) and Ron Wyden (D-OR) wrote a letter to the Steve Mnuchin, Secretary of the Treasury, to reject a plan to change tax law so that capital gains would be adjusted for inflation. The law change would cut taxes paid on the sale of assets such as stocks, real estate, and other investments.
The letter cites PWBM to show that the proposed policy would reduce individual tax revenues by $102 billion during the next decade. Additionally, tax filers with incomes in the top 1 percent would receive more than 86 percent of the tax cut.
The letter was co-signed by more than a dozen Senators: Dick Durbin, Tom Carper, Ben Cardin, Bob Casey, Sheldon Whitehouse, Michael Bennet, Tim Kaine, Tammy Baldwin, Amy Klobuchar, Angus King, Jack Reed, Jeff Merkley, and Bernie Sanders.