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White House Eyes Reducing Capital Gains Taxes Without Congress

The White House is having internal discussions about the prospect of executive action by President Donald Trump to hold down capital gains taxes, said Larry Kudlow, director of the president’s National Economic Council.

“I personally have campaigned for inflation indexing of capital gains for at least three decades,” Kudlow told The Daily Signal during a press gaggle Thursday at the White House.

The Trump administration’s goal, in theory, would be to end unfair taxation on income from stocks, real estate, or other investments that come from inflationary gains.

“I still strongly support it and I know the president has a very positive view about it,” Kudlow said of indexing. “We are talking about it internally. We are still talking about it internally.”

The development comes after 51 leaders of conservative groups asked for the executive action in a Jan. 22 letter to Trump. Among the groups are Americans for Tax Reform, Citizens Against Government Waste, and the American Legislative Exchange Council.

The Daily Signal asked Kudlow whether the law allows the president to act without Congress, something the top economic adviser said is under review.

“Many lawyers believe he can. Not all lawyers believe he can,” Kudlow said. “I’m not a lawyer.”

“I have a hard enough time doing my own thing,” he quipped. “[But] inflation indexing in cap gains, would love to see that.”

The letter to Trump—also signed by leaders of the 60 Plus Association, American Conservative Union, and Club for Growth—notes that because Democrats control the House and Republicans control the Senate, it’s not likely lawmakers would pass the proposal.

Read the full story from The Daily Signal

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