Bluster (on Trump’s part). He’s doing all he can to make the Koch Bros happy.
White House Plans Bold Move on Taxes
Treasury might change how capital gains are figured, benefiting wealthiest Americans
The wealthiest Americans may be getting some good news on taxes from a big shift under consideration by the Treasury Department. The change would affect how capital gains taxes are figured in regard to inflation, with the upshot being that the amount owed to the government would be less, reports the New York Times. The example used by the newspaper: If someone bought a stock for $100,000 in 1980 and sold it for $1 million today, they’d pay taxes on the profit of $900,000. Under the change, the initial price would be adjusted for inflation and raised to $300,000, reducing the profit and saving the investor about $40,000 in taxes. The other controversial aspect of the change is that Treasury is considering doing this under its own power, instead of through Congress.
“If it can’t get done through a legislation process, we will look at what tools at Treasury we have to do it on our own and we’ll consider that,” says Treasury chief Steven Mnuchin.