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Report: Trump Administration Considers Bypassing Congress to Approve Tax Cut for the Rich

The Trump administration is reportedly considering a $100 billion tax cut for the country’s wealthiest individuals that would not require congressional approval. Officials cited by The New York Times late Monday said the maneuver, which is still under consideration by the Treasury Department, would involve allowing investment income to be adjusted for inflation so that more of it would be exempt from taxation. Treasury Secretary Steve Mnuchin told the Times this month that the agency is examining ways to bypass Congress to pass the measure. “If it can’t get done through a legislation process, we will look at what tools at Treasury we have to do it on our own and we’ll consider that,” Mnuchin was quoted as saying. The move would mostly affect wealthier Americans who hold large portfolios of investments, a group that already benefited from President Trump’s $1.5 trillion tax law signed last year.