Mitt Romney: End 1031 Exchanges To Save Social Security

Mitt Romney wants the rich to pay their fair share. 

The onetime Republican nominee for president penned an op-ed in The New York Times calling for the elimination of tax breaks leveraged by the wealthy. The retired senator said 1031 exchanges, a popular source of capital for commercial real estate deals, should be eliminated in part to help keep Social Security afloat. 

Tax reform is needed to plug a deficit in the Social Security trust funds, which are on track to run out of cash in 2034, leading to a 23% cut in benefits for seniors, Romney wrote. That financial cliff, as he called it, has led Romney to change his long-held position on income tax rates...   ...more

RSK: Goos old Mitt, well there are a lot of reforms needed in social security such as illegal recipients, but the 1031 will have to be eased in if at all.