President Donald Trump speaks after the U.S. Congress passed sweeping tax overhaul legislation, on the South Lawn of the White House in Washington, December 20, 2017.

President Donald Trump has ruled out for now slashing taxes on capital gains after a meeting with his advisers, a White House spokesman said on Wednesday.

Trump was meeting with his economic team Wednesday afternoon about possible tax policy changes, including one proposal he appeared to shy away from weeks ago.

Trump said last month that such a plan could be under consideration, before apparently reversing course, saying that indexing capital gains taxes to inflation could be perceived as elitist.

"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 said in a statement.

Tying capital gains taxes to the inflation rate could lower the taxes investors pay on profits from selling assets.

The president and his advisors have long pushed for tax cuts as a way to boost economic growth. As Trump seeks achievements to trumpet on the 2020 campaign trail, he and top aides will consider what tax tweaks they could accomplish in the coming months.

Trump's top economic advisor Larry Kudlow, Sen. Ted Cruz, R-Texas, and antitax crusaders such as Grover Norquist have advocated for the capital gains change. But the president recently said he may not push for the plan because it could be perceived as disproportionately helping wealthy Americans — even though he thinks he has the power to enact it without Congress.

If the Trump administration had embraced the idea, it would have had a tough time getting through Congress. The Democratic-held House likely would not approve the plan.

The meeting Wednesday capped a month of confusing messages from the Trump administration on tax policy. In late August, the president said he was "thinking about" cutting payroll taxes — only a day after a White House official denied he was considering it.