Spurr Pote: Trump administration weighs capital gains break
Lower tax rates on capital gains is a move I would support, but not the way it was described in an Associated Press piece I read this week.
First, I am a President Trump supporter, but he must not use an Executive Order to enact any change to the Tax Code. This is clearly a matter for congress to vote on. If the president does use an EO then the matter must immediately be sent to the Supreme Court to determine if he has acted within the Constitution. I think SCOTUS will declare it unconstitutional.
Second, capital gains accrued today should be taxed at today’s rate. According to the AP article, the top capital gains rate is 23.8 percent. That seems high. Perhaps a fixed rate of 15 percent for all capital gains would do more to encourage more investment in the stock exchange, real estate speculation purchases. The AP articles said this would benefit only the top 1 percent income earners. I disagree. There a plenty of lower income persons who invest for capital gain. Me, for instance.