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Alex Brandon | AP
President Donald Trump speaks during a discussion for drug-free communities support programs, in the Roosevelt Room of the White House, Wednesday, Aug. 29, 2018, in Washington.
President Donald Trump said Thursday he would consider linking capital gains taxes to inflation, repeating an idea previously floated by his administration that some see as tantamount to a tax cut for the rich.
The president made the remarks in an interview Thursday with Bloomberg News.
Treasury Secretary Steven Mnuchin raised the idea earlier this summer, an estimated $100 billion tax cut that would benefit largely those who own assets like stocks and real estate. Mnuchin told The New York Times in July that the Treasury was looking at whether it could use regulatory powers to allow for the change.
It would let taxpayers adjust the initial value of an asset for inflation when selling it, potentially saving a lot of money on long-held assets.
This story is developing. Please check back for updates.
