The White House is developing a plan to cut taxes by indexing capital gains to inflation, according to people familiar with the matter, in a move that would largely benefit the wealthy and may be done in a way that bypasses Congress.
President Trump speaks before a dinner with Australia's Prime Minister Scott Morrison and others at the Imperial Hotel in Osaka, Japan, on Thursday.
Most of the benefits would go to high-income households, with the top 1% receiving 86% of the benefit, according to estimates in 2018 by the Penn Wharton Budget Model. The policy could reduce tax revenue by $102 billion over a decade, the model found. But Trump has told confidants recently that he remains deeply invested in making the change, they said. Trump last year said in an interview with Bloomberg News that he was considering indexing capital gains to inflation.
The George H.W. Bush White House reportedly dropped its capital gains plan amid disagreement among senior officials over whether it was legal. Moore dismissed criticism that the capital gains changes would amount to a tax cut for the wealthy, saying a majority of Americans own stock.
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