White House National Economic Council Director Larry Kudlow said Wednesday that the Trump administration would not seek a capital gains tax cut through executive order.
When asked if the administration would act “unilaterally” through an executive order on a capital gains tax cut, Kudlow responded: “No. We are looking at middle-class income tax cuts and capital gains tax cuts to spur investment and jobs and liquidity.”
“The president is a tax cutter,” he added, while presumptive Democratic candidate Joe Biden’s “team wants to raise taxes.”
Kudlow added that he “wouldn’t mind going back” to a 15% capital gains tax rate.
Treasury Secretary Steven Mnuchin said in a press briefing earlier in the day that a capital gains tax cut would need to come through legislative action. “I stand with the secretary on that,” Kudlow said. “It’s not part of an EO.”