Press for New Capital Gains Tax Cut Divides Republicans

A push by influential Republican lawmakers to answer voters’ concerns about the cost of living by lowering taxes on capital gains is dividing the GOP ahead of November elections.

The proposal to index capital gains for inflation could be in play for a tax-and-spending package later this year, though the likelihood of a bill coming together before the midterms remains low as a key House Republican has voiced reservations. Some Republicans have pushed President Donald Trump’s administration to make the change unilaterally.

“It would be the biggest step we could do to counteract the massive inflation under Joe Biden ...