Trump Administration Considering Additional Tax Cut for Wealthy The Treasury Department is considering another tax cut for the super-rich. The potential change <br />would not need <br />approval from Congress. The question at hand is whether or not to allow investment income, i.e. capital gains, to be adjusted for inflation, therefore protecting more of it from taxation. Using executive power to make such a change to the tax law would most likely fall subject to a legal challenge. Carrying something like this out is not typical practice. A similar move was shot down during the George <br />H. W. Bush administration. It wasn't considered within the scope of the Treasury Department's authority. Treasury Secretary Steven Mnuchin, to <br />'The New York Times' Last year, Republicans passed <br />a large package of tax cuts that <br />lowered the tax rate for all brackets, <br />especially businesses and the wealthy. Earlier this year, Trump said that <br />Congress was going to work towards <br />passing another package of tax cuts <br />targeted at helping the middle class.
