Mitt Romney Calls for Tax Reforms Targeting Wealthy Americans Amid Fiscal Concerns

By Sam Barron | Friday, 19 December 2025 10:12 PM EST

Former Senator Mitt Romney of Utah has called for significant tax reforms targeting wealthy Americans in a recent op-ed, warning that the nation faces an impending fiscal cliff.

In his piece, Romney highlighted that if the Social Security Trust Fund depletes by the 2034 fiscal year as projected, benefits would be cut by approximately 23%. He emphasized that the government would need trillions of dollars to address this shortfall, which could trigger economic turmoil if lenders refuse to provide funds at higher interest rates.

Romney argued that both increased taxes on high earners and reduced government spending are necessary solutions. He proposed making Social Security and Medicare benefits means-tested, while also tying the start age for entitlement payments to American life expectancy.

On tax policy, Romney stated that he had previously opposed raising the income level for FICA employment taxes but now believes the consequences of the fiscal cliff have changed his mind. He called for closing loopholes such as capital gains tax avoidance at death, particularly for estates valued over $100 million.

Romney also noted the potential misuse of 1031 exchanges, which allow real estate investors to defer capital gains taxes on property sales. He asserted that while these provisions were intended to stimulate the real estate industry, they now enable multibillionaires to avoid significant tax liabilities.

“The time has come for the wealthiest Americans to contribute more,” Romney wrote, stressing that any meaningful solution to economic challenges must include higher contributions from the affluent. “If my party wants to be the one giving working- and middle-class Americans greater opportunity, this is a critical starting point.”