Over a hundred protesters met at Greeley Square in Midtown Manhattan on November 27, 2017. Photo: Erik McGregor/Pacific Press/LightRocket via Getty Images

"The Trump administration is considering bypassing Congress to grant a $100 billion tax cut mainly to the wealthy, a legally tenuous maneuver that would cut capital gains taxation and fulfill a long-held ambition of many investors and conservatives," the N.Y. Times' Alan Rappeport and Jim Tankersley report.

The big picture: "The Treasury Department could change the definition of 'cost' for calculating capital gains, allowing taxpayers to adjust the initial value of an asset, such as a home or a share of stock, for inflation when it sells."

  • An example: "If a high earner spent $100,000 on stock in 1980, then sold it for $1 million today, she would owe taxes on $900,000. But if her original purchase price was adjusted for inflation, it would be about $300,000, reducing her taxable 'gain' to $700,000. That would save the investor $40,000."

Why it matters, from WashPost's Damian Paletta: "[T]he use of executive power on such a significant change to the tax law would be highly unusual and could be vulnerable to a legal challenge."

  • "Senior administration officials have discussed whether to proceed but have not concluded they have legal authority to do so."
  • "The move was rejected during the George H.W. Bush administration because it was seen as outside the scope of Treasury’s authority and only attainable via an act of Congress."

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Driving the news: The pandemic is accelerating across the U.S., with the Sun Belt being hit particularly hard. Daily coronavirus case records were reported on Wednesday in Texas (8,076), Arizona (4,878), Georgia (2,946), North Carolina (1,843) and Tennessee (1,806).

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Why it matters: It's the most the presumptive Democratic presidential nominee has raised in a month. It's also more than the record $131 million President Trump's re-election campaign and the Republican National Committee raised last month.