Romney's Call for Wealthy to Pay More
In a recent opinion piece published by The New York Times on Friday, former Utah Republican Senator Mitt Romney argued that affluent Americans should face higher tax rates to help safeguard Social Security for coming generations. He stated, "it’s time for rich people like me to pay more."
The Social Security Trust Fund is expected to deplete its resources by 2034, a deadline that could drastically cut retirement benefits unless Congress intervenes. Romney emphasized that any effective solution to the nation's economic challenges will require greater contributions from the wealthiest individuals.
"I believe in free enterprise, and I believe all Americans should be able to strive for financial success. But we have reached a point where any mix of solutions to our nation’s economic problems is going to involve the wealthiest Americans contributing more," Romney wrote.
Proposed Tax Reforms
Romney also endorsed closing tax loopholes, which he described as "tax caverns," often used by the wealthy. These measures include raising taxes on carried interest and imposing levies on large inheritances exceeding $100 million that avoid capital gains taxes after the owner's death.
He cited Tesla CEO Elon Musk as an example of someone benefiting from such loopholes, noting Musk's previous government efficiency efforts had failed to reduce spending. Romney acknowledged that taxes might slow economic growth but argued his proposals would have minimal impact.
"Yes, taxes can slow growth," Romney wrote. "But most of the measures I propose would have a relatively small impact on economic growth. If my party wants to be the one to give working- and middle-class Americans greater opportunity — to be the party that is trying to restore some sense of confidence in our capitalist system — this would be a start."
Background and Support
Romney, one of the wealthiest members of Congress before leaving the Senate in 2024, has historically supported tax cuts and entitlement reforms. However, the national debt surpassing $38 trillion, partly due to tax reductions for the wealthy under President Donald Trump's legislation, along with rising concerns over income inequality, appears to have shifted his stance.
He concluded, "It would help us avoid the cliff ahead, and may tend to quiet some of the anger that will surely grow as unemployed college graduates see tax advantaged multibillionaires sailing 300-foot yachts."
Billionaire environmentalist Tom Steyer, a Democratic candidate for California governor, echoed Romney's views, writing online, "Tax me more. I’ve been saying it for a long time. Even rational Republicans agree, because they’re looking at the numbers."
