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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

CPAC Republicans choose conservatism over constituents

Rep. Matt Gaetz. Photo: Elijah Nouvelage/Bloomberg via Getty Images

CPAC proved such a draw, conservative Republicans chose the conference over their constituents.

Why it matters: More than a dozen House Republicans voted by proxy on the $1.9 trillion COVID-19 relief bill in Washington so they could speak at the Conservative Political Action Conference, known as CPAC. And Sen. Ted Cruz skipped an Air Force One flight as President Biden flew to Cruz's hometown of Houston to survey storm damage.

Border Democrat warns Biden about immigrant fallout

Henry Cuellar (right). Photo: Tom Williams/CQ-Roll Call Inc. via Getty Images

A Democratic lawmaker representing a border district warned the Biden administration against easing up too much on unauthorized immigrants, citing their impact on his constituents, local hospitals and their potential to spread the coronavirus.

Why it matters: Rep. Henry Cuellar (D-Texas) told Axios he supports President Biden. But the moderate said he sees the downsides of efforts to placate pro-immigrant groups, an effort that threatens to blow up on the administration.

3 hours ago - World

Iran rejects nuclear talks with U.S., for now

Iranian Foreign Minister Javad Zarif at Iran/EU talks in 2015. Photo: Carlos Barria/POOL/AFP via Getty

A spokesman for Iran’s Foreign Ministry said on Sunday that conditions are not ripe for informal nuclear talks between Iran, the U.S. and other world powers.

Why it matters: The Biden administration had proposed the talks as part of its efforts to negotiate a path back to the 2015 nuclear deal. The White House expressed disappointment with Iran's response, but said it remained willing to engage with Tehran.

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