Mitt Romney, Opinion, “Tax the Rich, Like Me,” N.Y. Times (Dec. 19, 2025):

Typically, Democrats insist on higher taxes, and Republicans insist on lower spending. But given the magnitude of our national debt as well as the proximity of the cliff, both are necessary.

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The largest source of additional tax revenues is also probably the most compelling for fairness and social stability. Some call it closing tax code loopholes, but the term “loopholes” grossly understates their scale. “Caverns” or “caves” would be more fitting.

Consider, for example, the cavern of the capital gains tax treatment at death for those with enormous estates. Let’s look at a hypothetical scenario using Elon Musk as a proxy. If he had originally purchased his Tesla stock with, say, $1 billion and held it until his death, and if it were then worth $500 billion, he would never pay the 24 percent federal capital gains tax on the $499 billion profit. Why? Because under the tax code, capital gains are not taxed at death. The tax code provision known as step-up in basis means that when Mr. Musk’s heirs get his stock, they are treated as if they purchased it for $500 billion. So no one pays taxes on the $499 billion capital gain. Ever.