US EditionShould We Listen when Wealthy People Offer to Pay More in Taxes?
Romney supports tax hikes on the wealthy to address deficits but critics say increased rates could harm economic mobility and yield limited fiscal impact.
- Mitt Romney published a commentary urging higher taxes on affluent Americans to address the looming fiscal cliff, proposing removing the payroll-tax cap, taxing assets more at death, ending like-kind exchanges, limiting SALT, and closing carried-interest preferences.
- Entitlement spending drives fiscal imbalance as costs grow automatically, while the top 1 percent pay roughly 40 percent of income taxes, and analysts find revenue yields fall far short of projected federal deficits.
- Higher marginal rates change investment, career and hiring choices, reshaping incentives for future entrepreneurs, engineers, doctors and business builders and slowing productivity and growth over time.
- The Treasury already accepts voluntary payments, and wealthy Americans can contribute more if they choose, while Romney urges means-testing future retirement payouts for fairness.
- Taxing the rich cannot by itself solve fiscal problems and risks postponing harder reforms, as historical patterns of revenue often prompt higher spending, critics warn about deferred reforms.
11 Articles
11 Articles
Please Mitt Romney, do not pay more taxes * WorldNetDaily * by John Tamny, Real Clear Wire
Source link U.S. Sen. Mitt Romney, R-Utah, at the State of the Union address on Tuesday, March 1, 2022. (Video screenshot) “And on the tax front, it’s time for rich people like me to pay more.” As some may know, but exponentially fewer than Mitt Romney surely hoped, that’s what 2012 Republican presidential candidate Mitt
LA Daily News
Should we listen when wealthy people offer to pay more in taxes?
There is something emotionally satisfying about watching a wealthy person call for higher taxes on people like himself. It feels civic-minded, even noble. A recent commentary by former Utah senator, Massachusetts governor and Republican presidential nominee Mitt Romney fits squarely into this tradition. Faced with a looming fiscal cliff, Romney concludes that entitlement reform is unavoidable and that higher taxes on affluent Americans must be p…
Should We Listen When Wealthy People Offer to Pay More in Taxes? – The American Spectator | USA News and Politics
There is something emotionally satisfying about watching a wealthy person call for higher taxes on people like himself. It feels civic-minded, even noble. A recent commentary by former Utah senator, Massachusetts governor, and Republican presidential nominee Mitt Romney fits squarely into this tradition. Faced with a looming fiscal cliff, Romney concludes that entitlement reform is unavoidable and that higher taxes on affluent Americans must be …
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