August 30, 2018 / 8:59 PM / 8 months ago

Trump says he could link cap gains taxes to inflation - Bloomberg

FILE PHOTO: U.S. President Donald Trump talks to the media on South Lawn of the White House in Washington, U.S., October 7, 2017. REUTERS/Yuri Gripas/File Photo

WASHINGTON (Reuters) - U.S. President Donald Trump on Thursday said he is considering linking capital gains taxes to inflation, a move that could mean circumventing the U.S. Congress to give a substantial tax cut to wealthy Americans.

“I’m thinking about it,” Trump said in an interview with Bloomberg.

Only Congress can change U.S. tax law. But the administration has been trying to determine whether it has the authority on its own to change the way capital gains taxes are calculated to protect the value of capital assets from inflation.

Reporting by David Morgan; Editing by Sandra Maler

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