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Trump says not looking at changing capital gains tax

Published 08/21/2019, 01:15 PM
Updated 08/21/2019, 01:15 PM
© Reuters. Trump meets with Romanian President Klaus Iohannis in Washington

WASHINGTON (Reuters) - U.S. President Donald Trump on Wednesday said he is not looking to index capital gains taxes to the inflation rate, which could slash the taxes that investors pay on profits from asset sales, or to cut payroll taxes.

"I've studied indexing for a long time and I think it will be perceived - if I do it - as somewhat elitist. I don't want to do that," Trump told reporters at the White House. "I think indexing is really probably better for the upper-income groups."

On Tuesday, Trump had said he was seriously considering indexing capital gains to inflation and that the White House has been thinking about cutting the payroll taxes that fund the Medicare health insurance program for the elderly and Social Security.

But on Wednesday he said the U.S. economy was strong and did not need the tax reductions.

Latest comments

So we keep on getting screwed on the outrageous capital gains tax? Lovely :(
What are you talking about? I retired early only because of how little I have to pay on long term cap gains. I control my income thus I have paid nothing in taxes in 3 years.
wow this is the 4th time he flip-flopped
Man oh man, this guy is as confused and fickle as his base.  Make up your mind!  Destroying our beloved GOP.
Glad to see it.
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