Romney: ‘Rich People Like Me’ Must Pay Higher Taxes

Mitt Romney is proposing a solution to the looming Social Security funding shortfall that is unlikely to sit well with many Republicans: raising taxes on wealthy Americans.

In an essay published in The New York Times, the former senator argues that higher contributions from high earners are necessary to prevent future cuts to Social Security benefits. “It’s time for rich people like me to pay more,” Romney writes, pointing to the long-term imbalance facing the Social Security Trust Fund if no action is taken.

Romney acknowledges his support for free enterprise and economic opportunity but says the country has reached a point where solving major fiscal challenges will require greater contributions from those at the top. He outlines several options, including closing what he describes as massive tax loopholes, and places particular emphasis on tightening the estate tax.

According to Romney, these changes would have little effect on economic growth while helping stabilize Social Security and restore public confidence in the nation’s capitalist system. He also argues that higher taxes on the wealthy could ease growing public frustration, especially as young and unemployed Americans struggle while ultra-rich individuals benefit from generous tax advantages.

Romney concludes that such measures could help the country avoid the approaching Social Security “cliff” and address rising economic inequality.