Romney Calls For Reform
Former Utah Sen. Mitt Romney is calling for higher taxes on wealthy Americans — including himself — as he warns that the federal government is heading toward a serious fiscal reckoning driven by debt, entitlements, and long-term spending commitments.
In an opinion column published by New York Times, the former Republican presidential nominee argued that the nation’s current financial trajectory is unsustainable and could soon trigger painful consequences for retirees and taxpayers alike.
Social Security Insolvency Raises Alarm
Romney pointed to projections showing the Social Security Trust Fund could be depleted as early as 2034. If Congress fails to act, beneficiaries could see automatic benefit reductions of roughly 23 percent.
He warned that the federal government would need trillions of dollars to prevent those cuts, adding that continued borrowing carries significant risks. According to Romney, once lenders demand sharply higher interest rates to finance U.S. debt, the broader economy could face serious instability.
Romney Says Spending Cuts and Tax Increases Both Needed
The former Massachusetts governor argued that neither political party can resolve the problem on its own. He said long-term reform will likely require a combination of reduced government spending — a priority long emphasized by Republicans — along with higher tax revenue, an approach more commonly supported by Democrats.
Romney proposed several changes to entitlement programs, including means-testing Social Security and Medicare so benefits are better targeted. He also suggested linking eligibility ages to life expectancy as Americans continue living longer.
Calls for Wealthy Americans to Pay More
On the tax side, Romney said affluent Americans should contribute more to stabilizing the nation’s finances. He acknowledged that he previously opposed raising the income cap subject to payroll taxes but said worsening fiscal projections have led him to reconsider.
Romney also urged lawmakers to close loopholes that allow large estates to avoid capital gains taxes at death. While such provisions may protect family farms and small businesses, he argued they are often used by ultra-wealthy households to minimize tax obligations.
Another provision Romney said deserves review is the use of 1031 exchanges, which allow real estate investors to defer capital gains taxes. While originally intended to encourage development, he said the policy now disproportionately benefits large investors and billionaires.
Framing the Issue for the GOP
Romney stressed that his position is not an attack on capitalism or economic success. Instead, he argued that restoring confidence in the free-enterprise system requires addressing runaway debt and ensuring fairness in the tax code.
If Republicans want to expand opportunity for working- and middle-class Americans, Romney concluded, confronting entitlement costs and long-term fiscal challenges would be an important first step.
