The Trump White House is exploring a way to cut the capital gains tax without having to get approval from Congress
-- 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.
The change in capital gains tax calculation would have little chance of passing Congress, which is why the White House is considering making the change on its own. The House would likely oppose legislation to make the change as many Democrats have raised objections to the GOP’s 2017 tax cuts, saying they disproportionately helped the wealthy.
Officials inside the White House remain split over whether Trump should attempt to push it through via executive order and risk a legal challenge. The change has been a longtime goal of Trump’s top economic adviser, Larry Kudlow, who has said the policy would spur job creation and economic growth because people wouldn’t be taxed on what he’s called “phantom income.”
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