Skip to content
Subscriber Only

Trump Pledges Big Tax Cuts That May Do Nothing for the Economy

  • President acted as Congress deadlocked on virus relief package
  • A potential capital gains tax order likely to be challenged
President Trump
President TrumpPhotographer: Kevin Dietsch/UPI/Bloomberg
Updated on

President Donald Trump is tapping his presidential authority to make tax changes that Congress is refusing to do, but his limited power means he could end up over-promising and under-delivering on his pledge to slash IRS bills.

Trump has given employers the option to defer hundreds of billions of dollars worth of payroll tax levies and is contemplating another executive action that would amount to a roughly $100 billion capital gains tax cut for investors by changing Treasury Department guidelines.