Mitt Romney — a former Republican governor, senator and 2012 presidential nominee — urged for higher taxes on wealthy Americans, including himself, on Friday.
In an op-ed for The New York Times, Romney argued that increased taxes and lower federal spending — ideas broadly pushed by Democrats and Republicans, respectively — are both “necessary” to chip away at the $38 trillion national debt and a projected warning that the Social Security Trust Fund may become exhausted in the 2034 fiscal year.
“Today, all of us, including our grandmas, truly are headed for a cliff,” Romney wrote, adding that the “slash-and-burn approach” of the Department of Government Efficiency (DOGE) “failed spectacularly.”
“Europe demonstrates that exorbitant taxes without spending restraint crushes economic vitality and thus speeds how fast the cliff arrives,” he continued.
While contending that only entitlement reform can make a substantial difference in cutting spending, Romney called for “rich people like me” to pay more on the tax front — pointing to closing tax code loopholes, which he characterized as “caverns” or “caves.”
“I believe in free enterprise, and I believe all Americans should be able to strive for financial success,” he wrote. “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 went on to say that the GOP would need to take up his call to be seen as the leading party trying to “give working- and middle-class Americans greater opportunity” and “restore some sense of confidence in our capitalist system.”
His message was met with open arms by a chorus of Democrats on social media.
“I welcome this op-ed by @MittRomney and encourage people to read it,” Rep. Brendan Boyle (D-Pa.) wrote on X. “As the next Chair of the House Budget Committee, increasing revenue by closing loopholes exploited by the wealthiest Americans will be a top priority.”
Democratic strategist Mike Nellis said: “Imagine someone in 2012 showing you today’s op-ed from Mitt Romney encouraging the government to raise taxes on rich people. You wouldn’t believe it.”
It is his first op-ed since he announced that he would not seek reelection in 2024.
