Trump set to meet with aides about reducing capital gains taxes

Trump set to meet with aides about reducing capital gains taxes
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President TrumpDonald John TrumpMichael Flynn transcripts reveal plenty except crime or collusion 50 people arrested in Minneapolis as hundreds more National Guard troops deployed Missouri state lawmaker sparks backlash by tweeting 'looters deserve to be shot' MORE is expected to meet with his economic advisers Wednesday to discuss whether he should take executive action to reduce capital gains taxes, The Wall Street Journal reported, citing three people familiar with the matter.

The Journal reported that Trump's aides are expected to discuss the legal and regulatory issues concerning action on capital gains taxes, and will lay out several broader options about how to cut taxes.

Conservatives have pressed Trump to take tax executive action to reduce capital gains taxes by indexing capital gains to inflation. Supporters of this move argue that it would help to boost the economy and help Americans across the income spectrum.

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But Democrats are strongly opposed to Trump indexing capital gains on his own, arguing that he lacks the authority to do so and that doing so would largely benefit the wealthy.

Trump has sent mixed messages about whether he wants to index capital gains to inflation.

The president said on Aug. 20 that he was thinking about doing so, but then one day later said that he thinks that indexing capital gains would be perceived as "somewhat elitist."

A week later, Trump retweeted tweets that linked to an op-ed from Americans for Tax Reform President Grover Norquist and Sen. Ted CruzRafael (Ted) Edward CruzHillicon Valley: Twitter flags Trump tweet for 'glorifying violence' | Cruz calls for criminal investigation into Twitter over alleged sanctions violations | Senators urge FTC to investigate TikTok child privacy issues Cruz calls for criminal investigation into Twitter over alleged Iranian sanction violations On The Money: Trump signs order targeting social media firms' legal protections | 2M more Americans file new jobless claims, pushing total past 40M | White House to forgo summer economic forecast amid COVID-19, breaking precedent MORE (R-Texas) in support of indexing capital gains.