Donald Trump’s top economic adviser said the administration is considering pushing for a “capital gains holiday” in a new round of coronavirus aid.
“There may be a capital gains holiday,” Larry Kudlow, director of the U.S. National Economic Council, told Fox Business on Monday.
Cuts to capital gains disproportionately affect extremely wealthy individuals. In 2018, 69 percent of all reported capital gains went to the one percent of households with incomes above $750,000. Capital gains are already taxed at a much lower rate than regular income. Continue reading.