News | 06.28.19
White House Considers Capital Gains Tax Break That Would Benefit Wealthy
The White House is developing a plan to cut taxes by indexing capital gains to inflation, say insiders. Consensus is growing among White House officials to advance the proposal soon, the people said, to ensure the benefit takes effect before President Donald Trump faces re-election. Revamping capital gains taxes through a rule or executive order likely would face legal challenges. Treasury Secretary Steven Mnuchin said last year that he was studying whether the administration could sidestep Congress and issue a rule to allow capital gains to be indexed to inflation. Most of the benefits of such a move would go to high-income households, with the top 1 percent receiving 86 percent of the benefit, according to estimates in 2018 by the Penn Wharton Budget Model.
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