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Just days after bypassing Congress and issuing four executive actions on coronavirus relief, President Trump is weighing another potential executive order to target capital gains taxes, FOX Business has learned.
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According to sources, right now the White House is exploring and evaluating the possibility.
Trump first floated the idea Monday night at the White House briefing saying he was "seriously" considering the tax break as a way to help the U.S. economy recover from the coronavirus-induced recession.
TRUMP 'SERIOUSLY' CONSIDERING A CAPITAL GAINS TAX CUT: WHAT THAT MEANS FOR YOU
“We’re looking at also considering a capital gains tax cut, which would create a lot more jobs,” Trump told reporters. “So we're looking very seriously at a capital gains tax cut and also at an income tax cut for middle-income families."
There's likely to be little to no appetite in Congress for a new capital gains tax cut as lawmakers are still struggling to hammer out a broader coronavirus stimulus package.
Trump had also wanted a permanent payroll tax cut in the latest round of COVID-19 aid, but neither Republican nor Democratic leadership supported the move. Trump acted alone Saturday and declared a payroll tax deferment until Dec. 31. Without legislation, those payments will still be required when the holiday expires.
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The potential capital gains order would dovetail with the four executive actions that Trump took Saturday to offer $400-per-week unemployment benefits, encourage eviction protections, extend student loan relief and defer payroll tax collection on incomes under $100,000.
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It is unclear at the moment exactly how the White House would unilaterally take action on capital gains, as tax-writing policy starts in the Democratic-controlled House of Representatives.
A capital gain is the profit from the sale of stock or real estate; indexing capital gains would lower tax bills for investors who are selling by adjusting the original purchase price of the item in line with inflation, essentially making a portion of gains exempt from taxation.
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Fox Business' Megan Henney contributed to this report.
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