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Report: Trump shelves plan to cut capital gains tax

U.S. President Donald Trump temporarily shot down the idea of lowering the tax on capital gains following a meeting with his economic advisers, Bloomberg News reported, citing a statement from the White House.

"President Trump was thoroughly briefed on the complex economic, legal and regulatory issues, and concluded that at this time he does not feel enough of the benefits will go to the middle class," White House Spokesman Judd Deere reportedly said in a statement.

Trump said last month that his administration was considering additional economic stimulus in the form of cutting taxes on payroll and capital gains, the latter of which would be lowered by indexing gains to inflation even without congressional approval.

He later backtracked on his position, saying the tax break could be perceived as "elitist."