WASHINGTON — The Trump administration is considering bypassing Congress to grant a $100 billion tax cut mainly to the wealthy.....
Capital gains taxes are overwhelmingly paid by high earners,..... more than 97 percent of the benefits of indexing capital gains for inflation would go to the top 10 percent of income earners in America. Nearly two-thirds of the benefits would go to the super wealthy — the top 0.1 percent of American income earners.
According to the budget model used by the University of Pennsylvania’s Wharton School of Business, indexing capital gains to inflation would reduce government revenues by $102 billion over a decade, with 86 percent of the benefits going to the top 1 percent.
“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,” Mr. Mnuchin said
https://www.nytimes.com/2018/07/30/us/politics/trump-tax-cuts-rich.html?rref=collection/issuecollection/todays-new-york-times&action=click&contentCollection=todayspaper®ion=rank&module=package&version=highlights&contentPlacement=1&pgtype=collection
Capital gains taxes are overwhelmingly paid by high earners,..... more than 97 percent of the benefits of indexing capital gains for inflation would go to the top 10 percent of income earners in America. Nearly two-thirds of the benefits would go to the super wealthy — the top 0.1 percent of American income earners.
According to the budget model used by the University of Pennsylvania’s Wharton School of Business, indexing capital gains to inflation would reduce government revenues by $102 billion over a decade, with 86 percent of the benefits going to the top 1 percent.
“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,” Mr. Mnuchin said
https://www.nytimes.com/2018/07/30/us/politics/trump-tax-cuts-rich.html?rref=collection/issuecollection/todays-new-york-times&action=click&contentCollection=todayspaper®ion=rank&module=package&version=highlights&contentPlacement=1&pgtype=collection
