(Want to get this briefing by email? Here’s the sign-up.)

Good morning.

Here’s what you need to know:

The benefits of being rich

• The Trump administration is considering bypassing Congress to grant a $100 billion tax cut by adjusting for inflation in determining capital gains.

Such a move would be legally tenuous and would face a near-certain court challenge. It could also reinforce a liberal critique of the government’s tax policy as Republicans are struggling to persuade middle-class voters that they will benefit from the tax overhaul President Trump signed in December.

• More than 97 percent of the benefits of indexing capital gains for inflation would go to the top 10 percent of income earners, independent analyses suggest.