US 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.

The Wall Street Journal reported earlier on Wednesday that Trump was meeting with advisers to discuss the possibility of lowering capital-gains taxes by indexing earnings to inflation.

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.