NYT - “The Trump administration is considering bypassing Congress to grant a $100 billion tax cut mainly to the wealthy, a legally tenuous maneuver that would cut capital gains taxation and fulfill a long-held ambition of many investors and conservatives.” https://www.nytimes.com/2018/07/30/us/politics/trump-tax-cuts-rich.html?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiosam&stream=top-stories …
TRUMP on indexing capital gains to inflation, which would amount to a tax cut for investors:
"I’m thinking about it very strongly.”
If enacted, more than 63 percent of the benefit would go to the top 0.1 percent of taxpayers.
The White House is developing a plan to bypass Congress and cut taxes by indexing capital gains to inflation.
The 2018 Penn Wharton model found it could reduce tax revenue by $102b over 10 yrs.
The model estimates the top 1% would get 86% of the benefit. https://www.bloomberg.com/news/articles/2019-06-27/white-house-mulls-capital-gains-tax-break-that-benefits-wealthy …
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