Trump to revisit capital gains tax cut in White House meeting
President Donald Trump is scheduled to meet with economic aides Wednesday to discuss the possibility of cutting the tax on capital gains by indexing them to inflation, a person familiar with the matter said.
The advisers plan to update Trump on the issue, and a final decision on whether to pursue the policy isn’t expected at the meeting, according to the person, who spoke on condition of anonymity. Trump said last month that cutting capital gains would be perceived as “somewhat elitist” as it would benefit the wealthy.
Indexing capital gains would slash tax bills for investors when selling assets such as stock or real estate by adjusting the original purchase price so no tax is paid on appreciation tied to inflation.
Revamping capital gains taxes through a rule or executive order likely would face legal challenges, a concern that reportedly prompted former President George H.W. Bush’s administration to drop a similar plan. White House officials had previously indicated they had hoped to advance a plan on capital gains taxes as soon as this summer.
The Wall Street Journal reported the meeting earlier. The White House declined to comment.