Conservative Groups Seek Tax Cut

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massive tax bill

Washington Post

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US Politics

Conservatives are asking Trump for another big tax cut

Summary

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Several conservative organizations and Republican lawmakers are preparing to ask President Donald Trump for another major tax cut - this time, potentially without congressional approval.

The plan rests on changing how the Treasury Department calculates capital gains taxes.

Currently, an investor who bought stock for $ 1,000 in 1980 and sold it for $ 10,000 today would owe capital gains tax on the increase in value of $ 9,000 .

But under the proposal, the calculation would start by adjusting up the value of the original purchase to account for inflation - which would reduce the amount of gain that’s taxable after selling the stock.

Conservatives are pitching the shift as providing relief from the inflation that occurred during the Biden administration, which Trump has frequently railed against.

The proposal faces major legal obstacles, as well.

The change, if implemented unilaterally, would almost certainly face an immediate court challenge.

Conservatives have said they are optimistic they can persuade Trump .

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