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

3 hours ago - Health

15 states broke single-day coronavirus records this week

Data: Compiled from state health departments by Axios; Map: Danielle Alberti/Axios

At least 15 states broke their single-day novel coronavirus infection records this week, according to state health department data reviewed by Axios.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Withershoop and Caitlin Owens report.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 11,143,945 — Total deaths: 527,681 — Total recoveries — 6,004,593Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 2,818,588 — Total deaths: 129,584 — Total recoveries: 883,561 — Total tested: 34,213,497Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.
4 hours ago - Health

In photos: America celebrates July 4 during global pandemic

Photo: Francine Orr/Los Angeles Times/Getty Images

The U.S. has already celebrated Easter, graduations and so much more during the coronavirus pandemic, and now it can add July 4 to the list.

The state of play: Axios' Stef Kight writes public parades and fireworks displays around much of the country are being canceled to prevent mass gatherings where the virus could spread. Hot-dog contests and concerts will play to empty stands and virtual audiences — all while American pride treads an all-time low.