President Donald Trump said Thursday he would certainly consider linking capital gains taxes to inflation, repeating an idea previously floated by his administration that will some see as tantamount to a tax cut for the rich.
The president made the remarks in an interview Thursday with Bloomberg News.
“I’m thinking about This kind of,” Trump said Thursday from the interview.
The idea has been pushed by the White House’s top economic advisor, Larry Kudlow; Treasury Secretary Steven Mnuchin raised the idea earlier This kind of summer. however This kind of has also been considered in prior administrations, including that will of George H. W. Bush, which ultimately dropped This kind of.
This kind of would certainly be an estimated $100 billion tax cut that will would certainly benefit largely those who own assets such as stocks in addition to real estate. Mnuchin told The brand-new York Times in July that will the Treasury was looking at whether This kind of could use regulatory powers to allow for the change. Critics have said Congress would certainly need to approve This kind of.
Indexing to inflation means taxpayers could adjust the initial value of an asset for inflation when selling This kind of, potentially saving a lot of money on long-held assets by reducing the amount of capital gains tax they would certainly need to pay.
The House is actually getting ready to roll out a brand-new tax bill outlining more tax cuts next month. Bloomberg reported that will Kudlow pushed for capital gains indexing to be included in that will legislation.
Read the Bloomberg News story here.