Seeking Taxes, Romney Went After Business
By MICHAEL BARBARO
NYT
BOSTON — Much of the business community in Massachusetts was puzzled. Mitt Romney, a Republican with high-caliber corporate credentials, had run for governor pledging to sweep aside barriers to business and act as the state’s “top salesman.”
But just a few months after Mr. Romney took office in 2003, what he delivered seemed anything but friendly to the C.E.O. crowd: a bill to financial firms for what they saw as $110 million in new corporate taxes — and a promise of more to come.
“How could he do this to businesses as a business guy?” Joe Casey, then a top executive at a Massachusetts bank, Seacoast Financial, recalled asking colleagues whose companies had to pay up after the Romney administration closed a tax loophole. “It was very aggressive, and it was a surprise.”
For the next three years, the Romney administration relentlessly scoured the tax code for more loopholes, extracting hundreds of millions of corporate dollars to help close budget gaps in a state with a struggling economy. It was only after Mr. Romney was gearing up in 2005 for a possible White House bid that he backed away from some of his most assertive tax enforcement proposals amid intensifying complaints from local companies and conservative antitax groups in Washington.
(More here.)
NYT
BOSTON — Much of the business community in Massachusetts was puzzled. Mitt Romney, a Republican with high-caliber corporate credentials, had run for governor pledging to sweep aside barriers to business and act as the state’s “top salesman.”
But just a few months after Mr. Romney took office in 2003, what he delivered seemed anything but friendly to the C.E.O. crowd: a bill to financial firms for what they saw as $110 million in new corporate taxes — and a promise of more to come.
“How could he do this to businesses as a business guy?” Joe Casey, then a top executive at a Massachusetts bank, Seacoast Financial, recalled asking colleagues whose companies had to pay up after the Romney administration closed a tax loophole. “It was very aggressive, and it was a surprise.”
For the next three years, the Romney administration relentlessly scoured the tax code for more loopholes, extracting hundreds of millions of corporate dollars to help close budget gaps in a state with a struggling economy. It was only after Mr. Romney was gearing up in 2005 for a possible White House bid that he backed away from some of his most assertive tax enforcement proposals amid intensifying complaints from local companies and conservative antitax groups in Washington.
(More here.)
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