Mitt Romney Urges Higher Taxes on the Rich, Warns U.S. Is Headed for a Cliff'

"published Friday, warning that the U.S. is barreling toward a fiscal crisis if major changes are not made to entitlement programs and the tax code. In the piece, Romney argues that the projected bankruptcy of the Social Security Trust Fund by 2034 represents an urgent economic threat. Today, all of us, including our grandmas, truly are headed for a cliff, he wrote, noting that if the trust fund runs out, benefits would be cut by about 23 percent."

"On spending, Romney argued that entitlement reform is unavoidable, proposing means-testing for future retirees and tying eligibility ages to life expectancy, while explicitly rejecting benefit cuts for current or near retirees. But he devoted most of his attention to the tax side of the equation, arguing that on the tax front, it's time for rich people like me to pay more."

Higher taxes on the wealthy, including increased contributions by ultra-wealthy individuals, are proposed alongside warnings of an approaching fiscal crisis. The Social Security Trust Fund is projected to be insolvent by 2034, which would cut benefits by roughly 23 percent if unaddressed. Traditional partisan remedies — Democrats focusing on taxes and Republicans on spending cuts — are deemed insufficient; both additional revenue and spending reforms are required. Proposed entitlement reforms include means-testing for future retirees and tying eligibility ages to life expectancy while protecting current and near retirees. Major tax preferences, including the step-up in basis for capital gains at death, are identified as closure candidates for mega-estates.

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