Opinion: In a brilliant political move, Trump proposes tax cut for the wealthy
For someone far more interested in how his presidency looks on TV than what it actually does, Donald Trump can be remarkably tone-deaf when it comes to the political implications of his policy proposals. But there are some things the president and his party are committed to, no matter how unpopular they might be.
So, a capital gains tax is going to be — a lot of — a lot of people put to work, and it would be a cut in the capital gains tax and also a cut in the middle-income income tax. But cutting the tax would require legislation, and with Democrats controlling the House, that won’t happen. Some believe, however, that the president might have the authority to order the Treasury Department to index capital gains to inflation, which would be the same as a cut. For instance, if you bought a stock 10 years ago for $100 and sold it for $150 today, you’d pay taxes not on the $50 profit but on $150 minus the inflation-adjusted value of $100 from 10 years ago.
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