Trump officials secretly plotting to give another tax cut to the ultra-rich: report
Trump officials secretly plotting to give another tax cut to the ultra-rich: report
https://www.rawstory.com/2019/06/trump-officials-plot-bypassing-congress-to-deliver-another-tax-cut-to-the-ultra-rich-report/amp/
By Brad Reed at Raw Story
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Bloomberg reports that Trump officials are plotting a new executive order that would result in a cut to the capital gains tax, which largely benefits wealthy investors.
The cut would come in the form of indexing capital gains to inflation, which Bloombergwrites would “slash tax bills for investors when selling assets such as stock or real estate by adjusting the original purchase price so no tax is paid on appreciation tied to inflation.”
This change would also disproportionately benefit the wealthy, the report explains.
“Most of the benefits would go to high-income households, with the top 1% receiving 86% of the benefit, according to estimates in 2018 by the Penn Wharton Budget Model,” Bloombergsays. “The policy could reduce tax revenue by $102 billion over a decade, the model found.”
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