Oleg Zabluda's blog
Monday, July 16, 2018
 
Trump Alone Can Cut Taxes, A 2002 Supreme Court ruling sets the stage for indexing capital gains for inflation | By...
Trump Alone Can Cut Taxes, A 2002 Supreme Court ruling sets the stage for indexing capital gains for inflation | By Kimberley A. Strassel | July 12, 2018
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a plan: a White House order to index capital gains for inflation. [...] 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. [...] Conservatives [...] for decades have been held hostage to a 1992 government brief [...] as to why the Treasury lacked the authority to make this regulatory change. Neither President Bush questioned it, but others have.

Americans for Tax Reform President Grover Norquist —chief troop-rallier in this effort—has been circulating a 2012 paper [...] It points out that the Internal Revenue Code does not require that the “cost” of an asset be measured only as its original price—meaning there is no reason Treasury could not construe it in today’s dollars.
[...]
What’s new of late is the growing, and powerful, backing. Senate heavyweights Ted Cruz and Pat Toomey had already this year introduced a capital-gains indexing bill, and House Republican Devin Nunes tells me that he is next week introducing his own, though he believes “the administration could implement [the change] under its own authority.” House Freedom Caucus Chairman Mark Meadows on Thursday sent a letter to President Trump encouraging Treasury to put the change in place by Oct. 1. Mr. Trump’s top economic adviser, Larry Kudlow, wrote a column last year calling on the president to “spark a wave of prosperity” with an indexing order. Vice President Mike Pence pushed this issue in 2006 when he was still in Congress. And dozens of outside groups, from ATR to Club for Growth to the National Federation of Independent Business, are pushing to end the “inflation tax.”
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https://www.wsj.com/articles/trump-alone-can-cut-taxes-1531436546
https://www.wsj.com/articles/trump-alone-can-cut-taxes-1531436546

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