JOURNAL ARTICLE

Mitt Romney says the U.S. is on a cliff—and taxing the rich is now necessary 'given the magnitude of our national debt'.

  • Published In: Fortune.com, 2025. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Smith, Dave 3 of 3

Abstract

The article discusses Mitt Romney's recent op-ed in which he advocates for higher taxes on wealthy Americans to address the national debt crisis and prevent the insolvency of Social Security. Romney highlights the urgency of the situation, noting that without intervention, benefits could be significantly reduced by 2034, leading to increased government borrowing or potential hyperinflation. He proposes raising the income cap on payroll taxes and closing tax loopholes that benefit billionaires, such as the step-up in basis provision, which allows heirs to avoid capital gains taxes on inherited assets. Romney emphasizes the need for the wealthiest Americans to contribute more to solve the nation's economic challenges. [Extracted from the article]

Additional Information

  • Source:Fortune.com. 2025/12, pN.PAG
  • Document Type:Article
  • Subject Area:Biography
  • Publication Date:2025
  • Accession Number:190434940
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