(Bloomberg) -- Republican lawmakers are looking at ways to lower taxes on capital gains as the party searches for new ways to woo voters worried about the cost of living heading into November’s midterm elections.

A proposal to index capital gains for inflation could be in play for a tax-and-spending package later this year, though the likelihood of a bill coming together before the midterms remains a long shot. Some Republicans have also pushed President Donald Trump’s administration to make that change unilaterally.

“It would be the biggest step we could do to counteract the massive inflation under Joe Biden and the Democrats and have a positive impact on affordability, particularly affordability of housing, between now and the midterms,” Senator Ted Cruz, a Texas Republican, said.

Indexing capital gains to inflation would allow taxpayers to adjust the value of an asset to account for rising prices across the economy and use that higher base value to calculate gains for tax purposes, ultimately reducing what they owe the Internal Revenue Service if they sell the asset.

https://www.msn.com/en-us/news/politics/republicans-eye-capital-gains-tax-cut-to-ease-voters-anxieties/ar-AA21Z1Bm