Is Trump actually planning to cut capital gains taxes before the midterms?

Seeing 'capital gains tax cuts' trending with Trump's name attached. Is this an actual policy proposal, and what would it change?

As of mid-August 2026, this is under consideration, not an enacted policy or even a formally announced one. According to Bloomberg and other outlets, Trump administration officials — including National Economic Council Director Kevin Hassett — have discussed two main ideas: "indexing" capital gains taxes to inflation (meaning you'd only be taxed on gains beyond what's due to inflation, not the full nominal gain), and raising the capital gains exemption on primary home sales, currently $500,000 for married couples, with one figure floated at homes worth up to $2 million. Separately, Sens. Ted Cruz and Tim Scott have urged the administration to enact a capital gains cut unilaterally without Congress — though a 1992 Justice Department legal opinion says that would require congressional approval, meaning it would likely face legal challenges if attempted. White House spokesman Kush Desai declined to confirm specifics, saying only that Trump is "always exploring new ideas." Both financial analysts and the administration's own framing acknowledge the benefits would skew toward wealthier households — the Penn Wharton Budget Model estimates the top 1% would receive the majority of the benefit from the unilateral version — which is part of why even some Republicans have voiced caution, especially against the backdrop of a $1.8 trillion federal deficit through the first ten months of fiscal 2026. Given the legal and legislative hurdles, most tax experts consider any actual change before the November midterms unlikely.