Via Bloomberg, another one of Trump's plans to illegally grab authority from Congress. After all, who's going to stop him?
President Donald Trump said he’s considering a capital gains tax break by issuing a regulation that would index gains to inflation.
“There are a lot of people that love it and some people that don’t,” Trump said Thursday in an Oval Office interview with Bloomberg News. “But I’m thinking about it very strongly.”
[...] The capital gains change would slash tax bills for investors when selling assets such as stock or real estate by adjusting the original purchase price for inflation. The change has been a longtime goal of Trump’s top economic adviser, Larry Kudlow, who says the policy would spur job creation and economic growth because people wouldn’t be taxed on what he’s called “phantom income.”
"Phantom income," my ass. Capital gains aren't some magical creation -- they're income, period. They already get favorable treatment. As usual, Trump (who just announced federal workers won't get their raises) just wants to give another wet, sloppy kiss to the 1%.
