Mitt Romney Economic Adviser Calls For Raising Taxes On The Rich, Contradicting Entire GOP Campaign
Mitt Romney’s former economic adviser Glenn Hubbard published an op-ed in the Financial Times Tuesday calling for higher tax rates on the wealthy and urging Republicans to outline specific spending cuts rather than vague across-the-board reductions in government spending. Hubbard’s comments are noteworthy because Romney resisted both policies during his run for the presidency.
“What should those negotiating the fiscal cliff do?” Hubbard wrote. “The first step is to raise average (not marginal) tax rates on upper-income taxpayers. Revenue increases should first come from these individuals. This means closing loopholes … Republicans cannot argue for low tax rates without being clear about where [spending] cuts must come from.”