Mitt Romney: Tax the Rich, Like Me
nytimes.com
nytimes.com
On a related note: I was intrigued to see Vitalik Buterin talk about wealth taxes in a post today. He favors "diffusing not dollars, but the means of production." So he favors somehow distributing capital and investment more broadly? At any rate, I think it's a sign of strength in the Ethereum community that Vitalik is engaging with these ideas. https://vitalik.eth.limo/general/2025/12/30/balance_of_power...
If capitalism is actually the goal then wealthy heirs are a hugely inefficient drain on the system of production, retail, and transactions.
If one ignores FICA (social security) taxes, the US has a negative income tax for the lowest income brackets. I think this is a wonderful thing in that it encourages low income people to get into and stay in the workforce, and encourages high income people to focus on investment, due to lower taxes on long-term capital gains.
On the other hand, I'm in favor of higher taxes than income on short-term capital gains, to encourage investors to focus on long-term gains rather than short-term extractive exploitation of assets. I favor lower rates than income tax on long term gains, say assets held for five years.
Now That He Has No Power, Mitt Romney Says "Tax the Rich"