Home Business News Trump to pass a $100bn tax break for the rich?

Trump to pass a $100bn tax break for the rich?

by Purvai Dua
1st Aug 18 9:29 am

Trump administration is considering a unilateral move to grant a $100bn tax cut, mainly for rich Americans, according to a recent report.

The New York Times has reported that the administration is considering bypassing Congress and attempting to cut capital gains taxes.

A 20 per cent capital gains tax rate is currently applied to the difference between an asset’s value when it is purchased and when it is sold.

The newspaper, quoting from an interview with Treasury Secretary Steven Mnuchin, said the administration could change the definition of “cost” used to calculate capital gains, allowing taxpayers to adjust the value of an asset for inflation when it is sold.

“If it can’t get done through a legislation process, we will look at what tools at Treasury we have to do it on our own and we’ll consider that,” the Times quoted Mnuchin as saying. “We are studying that internally, and we are also studying the economic costs and the impact on growth.”

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