{"id":114372,"date":"2025-12-19T18:15:47","date_gmt":"2025-12-19T23:15:47","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372"},"modified":"2025-12-19T18:15:47","modified_gmt":"2025-12-19T23:15:47","slug":"romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372","title":{"rendered":"Romney breaks with GOP orthodoxy, says ‘rich people like me’ should pay more taxes to fix debt"},"content":{"rendered":"
\n

Former Sen. Mitt Romney<\/a>, R-Utah, says wealthy Americans should pay higher taxes in a hot-off-the-press New York Times essay.\u00a0<\/p>\n

“Typically, Democrats insist on higher taxes, and Republicans insist on lower spending. But given the magnitude of our national debt<\/a> as well as the proximity of the cliff, both are necessary,” Romney wrote in the essay<\/u><\/a>, published Friday.\u00a0<\/p>\n

“DOGE took a slash-and-burn approach to budget cutting and failed spectacularly. Europe demonstrates that exorbitant taxes without spending restraint crushes economic vitality and thus speeds how fast the cliff arrives,” he wrote.\u00a0<\/p>\n

JOY REID WARNS THAT REPUBLICANS WANT ‘NO INCOME TAX’ AND PEOPLE TO EARN ‘AS MUCH MONEY AS THEY WANT’\u00a0<\/strong><\/a><\/p>\n

Romney said that when it comes to cutting spending, “only entitlement reform would make a meaningful difference,” and then argued that taxing the rich is the other part of the answer as the country is headed toward a fiscal “cliff.”<\/p>\n

“And on the tax front<\/a>, it\u2019s time for rich people like me to pay more,” Romney wrote. “Our roughly 17 percent average tariff rate helps the revenue math. Doubling it \u2014 which seemed possible shortly after \u2018Liberation Day\u2019 \u2014 would further burden lower- and middle-income families, and would have severe market consequences.”<\/p>\n

Romey said that he used to be against increasing the income level where FICA employment taxes, mandatory federal payroll taxes that fund the Social Security and Medicare programs, are administered, with the cap being at $176,100 for 2025<\/u><\/a>, but he said he no longer does.\u00a0<\/p>\n

“The largest source of additional tax revenues is also probably the most compelling for fairness and social stability,” Romney wrote. “Some call it closing tax code loopholes<\/a>, but the term \u2018loopholes\u2019 grossly understates their scale. \u2018Caverns\u2019 or \u2018caves\u2019 would be more fitting.”<\/p>\n

HOW TRUMP CAN TURN THE TABLES ON THE LEFT WITH A RADICAL TAX PLAN<\/strong><\/a><\/p>\n

Romney used Elon Musk<\/a> and his wealth to illustrate his argument.<\/p>\n

“Consider, for example, the cavern of the capital gains tax treatment at death for those with enormous estates,” Romney wrote. “Let\u2019s look at a hypothetical scenario using Elon Musk as a proxy. If he had originally purchased his Tesla stock with, say, $1 billion and held it until his death, and if it were then worth $500 billion, he would never pay the 24 percent federal capital gains tax on the $499 billion profit. Why? Because under the tax code, capital gains are not taxed at death.”<\/p>\n

Romney added, “The tax code provision known as step-up in basis means that when Mr. Musk\u2019s heirs get his stock, they are treated as if they purchased it for $500 billion. So no one pays taxes on the $499 billion capital gain. Ever.”<\/p>\n

While a rapidly growing economy would help, the realistic solution to fixing the country\u2019s financial woes, Romney said, is to tax the rich.\u00a0<\/p>\n

“I believe in free enterprise, and I believe all Americans should be able to strive for financial success,” Romney wrote. “But we have reached a point where any mix of solutions to our nation\u2019s economic problems is going to involve the wealthiest Americans contributing more.”<\/p>\n

CLICK HERE FOR MORE COVERAGE OF MEDIA AND CULTURE<\/u><\/strong><\/a>\u00a0<\/u><\/strong><\/p>\n<\/div>\n

Source – https:\/\/www.foxnews.com\/media\/romney-breaks-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-fix-debt <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Former Sen. Mitt Romney, R-Utah, says wealthy Americans should pay higher taxes in a hot-off-the-press New York Times essay.\u00a0 “Typically, Democrats insist on higher taxes, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[16563],"tags":[],"stock_ticker":[],"class_list":["post-114372","post","type-post","status-publish","format-standard","hentry","category-market-news","entry"],"acf":[],"yoast_head":"\nRomney breaks with GOP orthodoxy, says 'rich people like me' should pay more taxes to fix debt - Wall Street PR<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Romney breaks with GOP orthodoxy, says 'rich people like me' should pay more taxes to fix debt - Wall Street PR\" \/>\n<meta property=\"og:description\" content=\"Former Sen. Mitt Romney, R-Utah, says wealthy Americans should pay higher taxes in a hot-off-the-press New York Times essay.\u00a0 “Typically, Democrats insist on higher taxes, […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372\" \/>\n<meta property=\"og:site_name\" content=\"Wall Street PR\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WallStreetPR\/\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-19T23:15:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2021\/06\/businessman-showing-business-evolution1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"715\" \/>\n\t<meta property=\"og:image:height\" content=\"423\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372#article\",\"isPartOf\":{\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/person\/6e00efa2abc413bdc0bca51a90c54d36\"},\"headline\":\"Romney breaks with GOP orthodoxy, says ‘rich people like me’ should pay more taxes to fix debt\",\"datePublished\":\"2025-12-19T23:15:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372\"},\"wordCount\":538,\"publisher\":{\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#organization\"},\"articleSection\":[\"Market News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372\",\"url\":\"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372\",\"name\":\"Romney breaks with GOP orthodoxy, says 'rich people like me' should pay more taxes to fix debt - Wall Street PR\",\"isPartOf\":{\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#website\"},\"datePublished\":\"2025-12-19T23:15:47+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/cablemanpro.com\/wallstreetpr\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Romney breaks with GOP orthodoxy, says ‘rich people like me’ should pay more taxes to fix debt\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#website\",\"url\":\"https:\/\/cablemanpro.com\/wallstreetpr\/\",\"name\":\"Wall Street PR\",\"description\":\"Latest News From WallStreet\",\"publisher\":{\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/cablemanpro.com\/wallstreetpr\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#organization\",\"name\":\"Wall Street PR\",\"url\":\"https:\/\/cablemanpro.com\/wallstreetpr\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2019\/10\/brand-logo.png\",\"contentUrl\":\"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2019\/10\/brand-logo.png\",\"width\":537,\"height\":70,\"caption\":\"Wall Street PR\"},\"image\":{\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/WallStreetPR\/\",\"https:\/\/x.com\/WallstreetPRs\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/person\/6e00efa2abc413bdc0bca51a90c54d36\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2022\/09\/360_F_336393115_5gCUfwn76x3MJaCJMYDKLoRebkC8QyrL-300x300.jpg\",\"url\":\"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2022\/09\/360_F_336393115_5gCUfwn76x3MJaCJMYDKLoRebkC8QyrL-300x300.jpg\",\"contentUrl\":\"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2022\/09\/360_F_336393115_5gCUfwn76x3MJaCJMYDKLoRebkC8QyrL-300x300.jpg\",\"caption\":\"admin\"},\"url\":\"https:\/\/cablemanpro.com\/wallstreetpr\/author\/admin\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Romney breaks with GOP orthodoxy, says 'rich people like me' should pay more taxes to fix debt - Wall Street PR","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372","og_locale":"en_US","og_type":"article","og_title":"Romney breaks with GOP orthodoxy, says 'rich people like me' should pay more taxes to fix debt - Wall Street PR","og_description":"Former Sen. Mitt Romney, R-Utah, says wealthy Americans should pay higher taxes in a hot-off-the-press New York Times essay.\u00a0 “Typically, Democrats insist on higher taxes, […]","og_url":"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372","og_site_name":"Wall Street PR","article_publisher":"https:\/\/www.facebook.com\/WallStreetPR\/","article_published_time":"2025-12-19T23:15:47+00:00","og_image":[{"width":715,"height":423,"url":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2021\/06\/businessman-showing-business-evolution1.jpg","type":"image\/jpeg"}],"author":"admin","twitter_misc":{"Written by":"admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372#article","isPartOf":{"@id":"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372"},"author":{"name":"admin","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/person\/6e00efa2abc413bdc0bca51a90c54d36"},"headline":"Romney breaks with GOP orthodoxy, says ‘rich people like me’ should pay more taxes to fix debt","datePublished":"2025-12-19T23:15:47+00:00","mainEntityOfPage":{"@id":"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372"},"wordCount":538,"publisher":{"@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#organization"},"articleSection":["Market News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372","url":"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372","name":"Romney breaks with GOP orthodoxy, says 'rich people like me' should pay more taxes to fix debt - Wall Street PR","isPartOf":{"@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#website"},"datePublished":"2025-12-19T23:15:47+00:00","breadcrumb":{"@id":"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/romney-breaks-with-gop-orthodoxy-says-rich-people-like-me-should-pay-more-taxes-to-fix-debt-114372#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cablemanpro.com\/wallstreetpr\/"},{"@type":"ListItem","position":2,"name":"Romney breaks with GOP orthodoxy, says ‘rich people like me’ should pay more taxes to fix debt"}]},{"@type":"WebSite","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#website","url":"https:\/\/cablemanpro.com\/wallstreetpr\/","name":"Wall Street PR","description":"Latest News From WallStreet","publisher":{"@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/cablemanpro.com\/wallstreetpr\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#organization","name":"Wall Street PR","url":"https:\/\/cablemanpro.com\/wallstreetpr\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/logo\/image\/","url":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2019\/10\/brand-logo.png","contentUrl":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2019\/10\/brand-logo.png","width":537,"height":70,"caption":"Wall Street PR"},"image":{"@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/WallStreetPR\/","https:\/\/x.com\/WallstreetPRs"]},{"@type":"Person","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/#\/schema\/person\/6e00efa2abc413bdc0bca51a90c54d36","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2022\/09\/360_F_336393115_5gCUfwn76x3MJaCJMYDKLoRebkC8QyrL-300x300.jpg","url":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2022\/09\/360_F_336393115_5gCUfwn76x3MJaCJMYDKLoRebkC8QyrL-300x300.jpg","contentUrl":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-content\/uploads\/2022\/09\/360_F_336393115_5gCUfwn76x3MJaCJMYDKLoRebkC8QyrL-300x300.jpg","caption":"admin"},"url":"https:\/\/cablemanpro.com\/wallstreetpr\/author\/admin"}]}},"_links":{"self":[{"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/posts\/114372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/comments?post=114372"}],"version-history":[{"count":0,"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/posts\/114372\/revisions"}],"wp:attachment":[{"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/media?parent=114372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/categories?post=114372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/tags?post=114372"},{"taxonomy":"stock_ticker","embeddable":true,"href":"https:\/\/cablemanpro.com\/wallstreetpr\/wp-json\/wp\/v2\/stock_ticker?post=114372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}