President Trump Donald John TrumpFederal prosecutor speaks out, says Barr 'has brought shame' on Justice Dept. Former Pence aide: White House staffers discussed Trump refusing to leave office Progressive group buys domain name of Trump's No. 1 Supreme Court pick MORE is expected to meet with his economic advisers Wednesday to discuss whether he should take executive action to reduce capital gains taxes, The Wall Street Journal reported, citing three people familiar with the matter.

The Journal reported that Trump's aides are expected to discuss the legal and regulatory issues concerning action on capital gains taxes, and will lay out several broader options about how to cut taxes.

Conservatives have pressed Trump to take tax executive action to reduce capital gains taxes by indexing capital gains to inflation. Supporters of this move argue that it would help to boost the economy and help Americans across the income spectrum.

ADVERTISEMENT

But Democrats are strongly opposed to Trump indexing capital gains on his own, arguing that he lacks the authority to do so and that doing so would largely benefit the wealthy.

Trump has sent mixed messages about whether he wants to index capital gains to inflation.

The president said on Aug. 20 that he was thinking about doing so, but then one day later said that he thinks that indexing capital gains would be perceived as "somewhat elitist."

A week later, Trump retweeted tweets that linked to an op-ed from Americans for Tax Reform President Grover Norquist and Sen. Ted Cruz Rafael (Ted) Edward CruzCrenshaw looms large as Democrats look to flip Texas House seat SCOTUS confirmation in the last month of a close election? Ugly The Hill's Morning Report - Sponsored by Facebook - Trump previews SCOTUS nominee as 'totally brilliant' MORE (R-Texas) in support of indexing capital gains.