Mitt Romney Calls For Raising Taxes On Super Rich In NYT Op-Ed | EUROtoday

Former Utah Republican Sen. Mitt Romney referred to as for taxing the ultra-rich at a better charge to assist save Social Security for future generations, saying that “it’s time for rich people like me to pay more.”

Romney, a former Republican presidential candidate and governor of Massachusetts, wrote in an op-ed printed by The New York Times on Friday that rich Americans should contribute extra to assist save the Social Security Trust Fund.

The fund is projected to expire of cash by 2034, a quickly approaching cliff that may sharply cut back folks’s retirement advantages absent motion from Congress.

“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 within the op-ed.

Romney additionally mentioned he helps closing tax loopholes exploited by the rich, referring to them as an alternative as “tax caverns.” This consists of concepts many Democrats have proposed over time, like rising the tax charge on carried curiosity and taxing massive inheritances over $100 million that keep away from the capital beneficial properties tax after they’re handed down following the asset proprietor’s dying.

The former Utah senator used Tesla CEO Elon Musk as one distinguished instance of a rich American who takes benefit of those loopholes, noting that Musk’s now-defunct Department of Government Efficiency “failed spectacularly” at slicing authorities spending earlier this 12 months.

“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.”

Romney was one of many wealthiest members of Congress earlier than leaving the Senate after one time period in 2024. He’s lengthy supported slicing taxes and reforming entitlements to ship long-term solvency for Social Security.

But the rising nationwide debt of greater than $38 trillion, which has ballooned thanks partly to the tax cuts for the rich in President Donald Trump’s One Big Beautiful Bill — together with rising voter issues with revenue inequality — appears to have modified Romney’s thoughts with regards to elevating taxes.

“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,” Romney concluded.

Tom Steyer, the billionaire environmentalist operating for governor in California as a Democrat, agreed with Romney.

“Tax me more. I’ve been saying it for a long time,” Steyer wrote on-line. “Even rational Republicans agree, because they’re looking at the numbers.”

Read the whole op-ed from Romney right here.