By Sam Barron | Friday, 19 December 2025 10:12 PM EST
Former Senator Mitt Romney of Utah has called for significant tax reforms to increase the burden on wealthy Americans and prevent a fiscal crisis. The former Republican presidential nominee warned that the government is teetering on the brink of a “fiscal cliff” without immediate action.
In his remarks, Romney highlighted the projected exhaustion of the Social Security Trust Fund by 2034, which he stated would force a 23% cut in benefits. “The government will need trillions of dollars to make up the shortfall,” he said, adding that lenders refusing to provide funds at acceptable interest rates could trigger economic calamity.
Romney emphasized that both higher taxes on the wealthy and reduced government spending are necessary solutions. He proposed making Social Security and Medicare benefits means-tested and adjusting the age for entitlement payments based on American life expectancy. “And on the tax front, it’s time for rich people like me to pay more,” he stated.
The former Utah senator also criticized loopholes that allow billionaires to avoid capital gains taxes at death, urging the closure of such provisions for estates valued over $100 million. He further noted the misuse of 1031 exchanges in real estate, which currently let developers defer capital gains tax but now disproportionately benefit the ultra-wealthy.
Romney reiterated his commitment to free enterprise while arguing that the wealthiest Americans must contribute more to restore confidence in the economic system. “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,” he concluded.
Sam Barron has almost two decades of experience covering a wide range of topics including politics, crime and business.
