Its surprising how much you can accomplish if you don't care who gets the credit
-- without having to deal with Congress. Here's how
What if President Trump had the authority—on his own—to enact a second powerful tax reform? He does. The momentum is building for him to use it.
In the halls of Congress, the corridors of the administration, and the nerve centers of activist groups, forces are aligning behind a plan: a White House order to index capital gains for inflation. It’s a long-overdue move—one that would further unleash the economy and boost GOP election prospects. And Mr. Trump could be the president bold enough to make it finally happen.
A President Trump who has so confidently wielded his authority to cut down regulation should have no issue wielding it to cut down an outdated, decades-old legal memo that is holding back the economy and unfairly burdening investors—small and big alike.
At President Reagan’s behest, Congress in the 1980s indexed much of the federal tax code for inflation. Oddly, capital gains weren’t similarly treated. The result is that businesses and individuals pay taxes on the full nominal amount they earn on investments, even though inflation eats up a good chunk of any gain. It’s not unheard of for taxes to exceed real gains after inflation. The result is significant capital distortion, as companies sit on buildings and property or investors sit on stock—rather than selling and thereby putting both assets and gains to more productive use.
Seems like a good political move and would bring on more of the left wing unhingement even though those of the left in leadership positions would benefit.
I would rather that Congress make this happen.
Leave the money in the hands of taxpayers--do not let the SWAMP SNAKES get their hands on it!!