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Posted on 01/08/2026 3:31:58 AM PST by karpov
...
Mr. Romney’s lead idea is to eliminate the income limit on the Social Security payroll tax. He imagines that a huge 12.4% hike to the marginal rate on an essential cohort of the striving will have a “relatively small impact on economic growth.” Moreover, this whopping increase in social-insurance premiums wouldn’t come with better coverage. Mr. Romney would largely sever the link between Social Security contributions and benefits. We think these changes are poor policy—and we also note that they aren’t taxes on the rich but on salarymen.
Mr. Romney dismisses the doomed-from-the-get-go DOGE effort to end the deficit by targeting waste, fraud and abuse. Fair enough but he thinks eliminating supposedly inadvertent features of the tax code—those “loopholes” or “caverns”—would work. The problem is that the “loopholes” mostly are intentional and sometimes created by necessity to avoid punitive, growth-killing double taxation. One of them, the deductibility of state and local taxes, already was eliminated for wealthy (and many not-so-wealthy) taxpayers in 2017, though partially reinstated since for some of the not-so-rich.
Another “loophole” is the step-up on death of the basis for appreciated assets, which shields them from capital-gains taxes. But without the step-up, estates subject to the death tax would face double taxation, on both the gain and the estate. For the very wealthy—the few actually subject to an estate-tax hit—this isn’t a loophole, it’s abuse prevention. It is a loophole of sorts for the estates of the middle class, the well-to-do, and the fairly rich, but not the Romney-rich.
There are some loopholes he cites that we would eliminate. Mr. Romney doesn’t like the 1031 provisions, which allow real estate owners to defer capital gains. (We would also point to more-egregious provisions in the 2017 law, which was signed by a real-estate developer.)
(Excerpt) Read more at wsj.com ...
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There’s nothing I want to hear from Pierre Delecto. What a miserable, back-stabbing sack of you-know-what.
Not only is he in the wrong party - he’s really more of a demoncrap - but he’s in the wrong species - is really more of a weasel.
Just go away Mittens!
“...and we also note that they aren’t taxes on the rich but on salarymen...”
Many years of poor voting choices continues to lead to people that just don’t get it. The so called earmarked social security fund has been raided for so many years that it is within a budget now of failing to meet it’s design.
And for what? Someone getting elected because they care so much about the people they are stealing from for their self full filling legacy. And it’s crooks like Romney who lives in the democrats world screaming lies that made it that way. Pretty soon, the only people not being taxed to support their “projects” will be them. And they will be the only ones capable of living any lifestyle.
wy69
Bump
Mitt (like far too many politicians) was born rich and has been rich his entire life. He has never experienced the way a change in taxation can affect someone’s lifestyle. He’s unqualified to comment on taxation, and I would argue, unqualified to make decisions about it.
Now to Mitt (and all the other rich people who have said similar things): If you think YOU are undertaxed, put your money where your mouth is and just send the Treasury what you think they should be taking.
I’m good with that as long as he already donates that equivalent amount above and beyond his regular tax bill.
I wish the president would announce the opening of donations to the treasury for those who wish to pay. I know this is known, but Trump should mention it every speech. Let’s see how many liberal billionaires will write a check. Heck throw in liberal millionaires.
He should discuss this with Mike Pence in a closet.
Yikes, I voted for him once.
YES
I have never understood why there was a cap on the amount of income that could be taxed for Social Security. All of it should be subject to the tax. Especially with SS insolvency on the near horizon.
RINO-mney.
He is the prime example of a spineless pretend Republican. I have no regard for him whatsoever and consider him nothing but a DemocRAT in spineless clothing. At least the left admits that they are corrupt, have no economic background, and will never produce anything of value.
What’s stopping you from writing a check to the Treasury, Pierre?
Cat got yer checkbook?
Why is this being printed?
Typical rino jagoff who could no longer be elected dog catcher in Utah . . . what are the odds that he slinks back to New England soon?
We need to pay more money to the grifter army.
They need to be able to upgrade from fancy cars to fancy jets!
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