Sections SEARCH Skip to content Skip to site index Business Log In Log In Today’s Paper Business | Trump Won’t Order a Capital Gains Tax Cut, for Now Advertisement Supported by ByJim Tankersley Sept. 11, 2019 WASHINGTON — President Trump told his top economic advisers on Wednesday that he had decided, for now, to forgo using executive authority to deliver a tax cut that would primarily benefit wealthy investors. The decision, which Mr. Trump disclosed at a White House meeting focused on tax issues, ended more than a year of debate inside his administration over a proposal that would have reduced the taxes investors pay on the profits they earn when selling assets like stocks or bonds. Mr. Trump’s economic team had been exploring the idea of taking unilateral action on capital gains and delivering a tax break to investors without congressional approval. The president said last month he believed this could be accomplished with his executive authority. But the idea of circumventing Congress was challenged by some within the administration who argued it would defy a legal opinion issued in 1992, under President George Bush. The decision not to push for an investor tax cut spares Mr. Trump from… Read full this story
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