In an interview with Mike Allen for "Axios on HBO," Republican Sen. Mitt Romney said he opposes cutting the capital gains tax rate for the rich.

The big picture: Republicans typically argue that cutting the capital gains tax rate will boost economic growth and provide room for increased spending. Democrats argue that doing so disproportionately benefits the rich.

What they're saying:

"I believe in low tax rates. I also don't think that higher-income people should have a lower tax rate than lower-income people. I don't believe in continuing to cut capital gains tax rates, even though people say, 'Well, that'll encourage the growth of the economy.' It's like, 'Yeah, but it also puts more money in the wealthiest Americans, and that's simply not fair.'"
— Romney to "Axios on HBO"

Romney also said he is in favor of cutting the capital gains tax rate to zero for people who make under $100,000 a year.

Between the lines: President Trump has repeatedly tossed around the idea of a capital gains tax cut. But in September, he opted to not use executive authority to deliver the measure, according to the New York Times.

Go deeper

Trump refuses to commit to peaceful transfer of power if he loses

President Trump repeatedly refused to say on Wednesday whether he would commit to a peaceful transition of power if he loses the election to Joe Biden, saying at a press briefing: "We're going to have to see what happens."

The big picture: Trump has baselessly claimed on a number of occasions that the only way he will lose the election is if it's "rigged," claiming — without evidence — that mail-in ballots will result in widespread fraud. Earlier on Wednesday, the president said he wants to quickly confirm a replacement for Justice Ruth Bader Ginsburg because he believes the Supreme Court may have to decide the result of the election.

"Not enough": Protesters react to no murder charges in Breonna Taylor case

A grand jury has indicted Brett Hankison, one of the Louisville police officers who entered Breonna Taylor's home in March, on three counts of wanton endangerment for firing shots blindly into neighboring apartments.

The state of play: Angering protesters, the grand jury did not indict any of the three officers involved in the botched drug raid on homicide or manslaughter charges related to the death of Taylor.

Dave Lawler, author of World
Updated 1 hour ago - World

U.S. no longer recognizes Lukashenko as legitimate president of Belarus

Lukashenko at his secret inauguration. Photo: Andrei Stasevich/BELTA/AFP via Getty Images

The U.S. no longer recognizes Aleksandr Lukashenko as the legitimate president of Belarus, the State Department said in a statement on Wednesday.

Why it matters: Lukashenko has clung to power with the support of Russia amid seven weeks of protests that have followed a blatantly rigged election. Fresh protests broke out Wednesday evening in Minsk after it emerged that Lukashenko had held a secret inauguration ceremony.

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