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Romney Advocates Higher Taxes on Ultra-Rich to Save Social Security

12/20/2025

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Summary

Story summary

U.S. Senator Mitt Romney (R-Utah) writes in a New York Times op-ed that the ultra-rich should pay higher taxes to prevent the Social Security Trust Fund from depleting by 2034.
Romney argues against wealthy tax loopholes and cites Elon Musk as an example.
He acknowledges past support for tax cuts, but says debt and income inequality prompted his shift.
Billionaire Tom Steyer supported Romney's stance, emphasizing the need for tax reform.

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Story summary

U.S. Senator Mitt Romney (R-Utah) writes in a New York Times op-ed that the ultra-rich should pay higher taxes to prevent the Social Security Trust Fund from depleting by 2034.
Romney argues against wealthy tax loopholes and cites Elon Musk as an example.
He acknowledges past support for tax cuts, but says debt and income inequality prompted his shift.
Billionaire Tom Steyer supported Romney's stance, emphasizing the need for tax reform.