The Trump administration is considering
bypassing Congress to grant a $100 billion tax cut mainly to the
wealthy, a legally tenuous maneuver that would cut capital gains
taxation and fulfill a long-held ambition of many investors and
conservatives.
Steven Mnuchin, the
Treasury secretary, said in an interview on the sidelines of the Group
of 20 summit meeting in Argentina this month that his department was
studying whether it could use its regulatory powers to allow Americans
to account for inflation in determining capital gains tax liabilities.
The Treasury Department could change the definition of “cost” for
calculating capital gains, allowing taxpayers to adjust the initial
value of an asset, such as a home or a share of stock, for inflation
when it sells.
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