White House "developing plan to" cut capital gains tax via executive order, bypassing Congress

[Miles Archer]

The White House is developing a plan to cut taxes by indexing capital gains to inflation, according to people familiar with the matter, in a move that would largely benefit the wealthy and may be done in a way that bypasses Congress.

Consensus is growing among White House officials to advance the proposal soon, the people said, to ensure the benefit takes effect before President Donald Trump faces re-election in 2020.

Revamping capital gains taxes through a rule or executive order likely would face legal challenges, a concern that reportedly prompted former President George H.W. Bush’s administration to drop a similar plan.

Indexing capital gains 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.

https://www.bloomberg.com/news/articles/2019-06-27/white-house-mulls-capital-gains-tax-break-that-benefits-wealthy

[underpants]

1. I'm pretty sure they can't do that

But then I’m just going by the Constitution

[FiveGoodMen]

3. THAT old thing!

[lark]

2. If it goes to SCOTUS - he wins.

The USA is having its last breath as a free and functioning constitutional democracy. We are on or way to being the land of the barons & serfs and guess which we are. There may still be a window of opportunity if enough of us go to the polls, & Russia/drumpf et al underestimate us enough, but it's shrinking.

[Fullduplexxx]

10. Only if the serfs sit back and take it

[happyaccident]

11. The serfs sometimes don't sit back but they end up always taking it

[lark]

18. That's definitely a yeah, but.....

I agree we will probably need to fight, but its' scary because he would use the military against us and I don't see how we win in that scenario.

[happyaccident]

13. The barons are tired of pretending we are a democracy

they have the guns but we have the numbers...

[duforsure]

4. Republicans in Congress

Are being stripped of their power, and will soon be powerless when he bypasses them completely, then they'll be too late to stop him. He wants absolute power , and no rule of law for him and his family, but wants to be the judge, jury, and executioner for everyone else. Everyone is a Liar, and corrupt except him, and those that'll bow down to him. Republicans will regret enabling him, and they learned nothing from the Mid terms.

[Iliyah]

5. Nope.

Can not do.

[Buckeyeblue]

6. I don't even think the SC could find a way to allow this

But I'm probably wrong

[Yavin4]

7. Yes, because America's biggest economic crisis is that rich people pay too much in taxes

A real crisis. I tells ya.

[tishaLA]

8. "THE FORGOTTEN MAN!"

[zentrum]

9. Headed to a Landed Aristocracy.

[happyaccident]

12. Where we started as a nation, never really changed, just had really sweet smelling bullshit

the middle class was designed to be a buffer between the classes

[watoos]

14. Trump also wants to delay

the census, which is unconstitutional.

If only there was a way to hold the president accountable. It seems to me that impeachment must also be unconstitutional.

Cutting capital gains is going to really blow up the deficit and the only thing left to do will be to gut Medicare, Medicaid, and Social Security.

[saidsimplesimon]

15. Exploit your opponents' weakness?

Tie tax cuts to inevitable reductions in SS and medicare benefits. Use this to our advantage while telling the truth with facts.

[Roy Rolling]

16. Scam

Inflation gains are profits, too. They should be taxed as a capital gain. Trying to remove inflation from the calculation is impossible, except for scam artists.

Mission accomplished.

[keithbvadu2]

17. Republicans are going to go along with this? Setting a precedent that the next democrat preside

Republicans are going to go along with this?

Setting a precedent that the next democrat president could do but in the opposite direction.