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Trump confirmed that his administration may try a legally dubious maneuver to create a $100 billion tax cut that overwhelmingly benefits the wealthy
President Donald Trump told Bloomberg that he is considering indexing capital gains taxes to inflation, a move that would result in a $102 billion tax cut. According to a recent study, over 97% of that benefit would go to the wealthiest 10% of Americans.
Gary Cohn, the former Goldman Sachs executive and economic adviser to President Donald Trump, said that the administration's plan to index capital gains taxes to inflation "got killed in 30 seconds or less" when it was proposed during his time at the White House.
Trump’s $100 billion tax cut idea would mostly benefit wealthier Americans because of the way rich people make their money
President Donald Trump's administration is reportedly considering a change to how capital gains taxes are calculated. Here's why this would mostly benefit wealthier Americans.
President Donald Trump wants to index capital-gains taxes to inflation, a move that would result in a $100 billion tax cut over the next 10 years. Advocates say it would help boost economic growth, but an analysis by the Congressional Research Service shows that not to be the case.
Trump’s idea for a $100 billion tax cut that would give 97% of its benefit to the wealthy is legally dubious
President Donald Trump wants to index capital gains to inflation, which would cut about $100 billion from taxes over a decade, by adjusting Treasury Department regulations. The only problem is that such a move may be illegal.
Trump is reportedly considering going around Congress for a massive tax cut that would mostly benefit wealthier Americans
President Donald Trump is said to be considering a plan that would index capital-gains taxes to inflation, effectively resulting in a $100 billion tax cut. According to independent analysis, more than 97% of the boost would go to the top 10% of income earners.
A growing number of people are getting their share of the bitcoin pie, but paying taxes on bitcoin may need some explaining.