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We should lower taxes for everyone

Page history last edited by Mike 7 years, 12 months ago

Romney says that we should keep take rates the same.

 

We should lower taxes for everyone.

Reasons to agree:

  1. Lower taxes reward productivity.
  2. Lower taxes leave money in the economy for consumption and investment.

 


Governor Mitt Romney and Taxes

 

  • There's always somebody who is paid too much, and taxed too little * and it's always somebody else.
    • Cullen Hightower

 

Debate about Taxes:

 

 

In The News

 

Press Releases from Romney about Taxes

 

2007

  • Jan 06, 2007; In Case You Missed It: "Romney on Taxes"
  • Jan 04, 2007; Governor Mitt Romney Signs "Taxpayer Protection Pledge"

 

2006

 

2005

 

2004

 

2003

 

 

 

  • " America's Tax code is a labyrinth that imposes an enormous and unnecessary burden on our citizens and employers. Keeping taxes low and simplifying the code will grow the economy and enhance our competitiveness."
    • Governor Mitt Romney

 

 

 

Quotes from Governor Mitt Romney on "Taxes"

 

Taxes

 

2006

 

  • “Any year the government puts money back in taxpayers’ pockets is a great year. Of course, next year will be even better if we can convince the Legislature to start rolling the Tax rate back to 5 percent.”

 

  • “High energy prices have put a strain on older homeowners and young families alike. This deduction was designed to help people make it through the home heating season, and I’d like to see 100 percent of those who are eligible receive this Tax break.”

 

  • “It may be Tax Freedom Day, but there’s no reason for celebration in Massachusetts. Next year, I’d like to see Tax Freedom Day in Massachusetts arrive a little bit earlier and the way to make that happen is by reducing the income Tax rate to 5 percent.”

 

  • “That money does not belong to the government,” Romney said. “That’s the taxpayers’ money and we can clearly afford to let them keep it.”

 

 

 

  • “I don’t like taxes. I think we need less government, not more government.”
    • Governor Mitt Romney, Interview with Mort Kondracke (March 2006)

 

2005

 

  • “You don’t create economic prosperity by raising taxes.”
    • Governor Mitt Romney, National Review (June 2005)

 

  • “Our seniors should be able to live their remaining years in the comforting surroundings of their homes and communities. We can help them by providing property Tax relief and other Tax breaks.”

 

  • “It is fundamentally unfair to Tax people retroactively. If we are to keep faith with the taxpayers of Massachusetts, we need to correct the constitutional error that occurred here.”

 

  • “We’re sending taxes in Massachusetts on a little summer vacation. Everyone should head out to their favorite stores to take advantage of the tax-free holiday.”

 

  • "Taxes in Massachusetts have the weekend off. This upcoming sales Tax holiday, consumers can enjoy savings at a range of shops from major retailers to their favorite mom-and-pop stores."
    • Governor Mitt Romney, 08-11-2005 Press Release
      • During a visit at the shopping plaza in Landmark Center

 

  • “No matter how you look at it, this is extremely positive news for the people of Massachusetts. Revenues were up across the board in every single category. There are more people working, our business sector is healthy and creating jobs and consumers are spending money.”

 

  • “Now, it’s time to take the next step. There is no longer any reason not to give the people what they voted for – a 5 percent income Tax rate.”

 

  • “It is simply wrong to change the rules after the fact on taxpayers who sold assets in reliance on the Tax code in effect at the time.”

 

  • “We have tried to come up with a solution that addresses the concerns of legislators worried about the impact of the refunds on the state treasury. By spreading out the payment of refunds over three years, rather than all at once, we can soften the revenue impact. Ultimately, it’s going to cost the state some money. But if we don’t act, thousands of taxpayers who played by the rules will be punished for a mistake they did not make.”

 

  • “With the rise in property values, it makes it difficult for seniors to stay in their homes. Seniors should be able to stay as long as they want in the homes where they’ve raised families and created a lifetime of fond memories.”

 

  • “By making this important correction we will keep faith with the taxpayers and prevent thousands of families from enduring any financial hardship from an unfair retroactive tax. I commend the Legislature for approving a solution that fixes this problem once and for all.”

 

2004

 

  • "And a special thank you to the citizens of Massachusetts: You are paying all the taxes, creating all the jobs, raising all the children. This government is yours. Thank you for letting me serve you. I love this job."
    • Governor Mitt Romney, 01-15-04 State of the State

 

 

  • "If you want someone who voted for Tax hikes 98 times, send in John Kerry. If you think trial lawyers need more money, our economy needs more law suits, and malpractice costs should go even higher, then send in John Edwards with him."

 

  • “They say there are only two sure things in life – death and taxes. We can’t do anything about the first, but we can make life a little easier when it comes to taxes. I encourage people all across our Commonwealth to head out to stores and malls this weekend to enjoy the benefits of Tax free shopping.”

 

 

2003

 

  • "Let me come back to something more parochial, which is how our state fits into all of that and how you who are entrepreneurs and investors, financiers, faculty members and others who are associated with the process of innovation fit into, if you will, "our state." I am convinced that this is an extraordinarily attractive place to grow and develop ideas and technology. That this state has many of the features which are unique in our nation and perhaps in our world * the clusters of technology and capability that have assembled here -* means that enterprises that begin here begin with a natural advantage. We have also thought to keep the attractiveness of the, if you will, 'the Petri dish" here for technology innovation very robust and vital. There are some who would suggest we could solve our problems best by, for instance, raising our Tax rates and business payroll taxes and so forth. I am afraid of going down the path California is going down. I am afraid that going to an 11% income Tax will scare away innovation and scare away jobs. California is a beautiful place. We don't have their weather to compete with, so we have to compete on other bases. For us it's a place where that Tax burden is not overwhelming with a 5.3% Tax rate * they're going up to an 11% Tax rate, with over 9% today. We have to make sure this is a place as attractive for people to come and grow their enterprise * our regulatory structure."
    • Governor Mitt Romney, Deshpande Center IdeaStream Symposium, May 13, 2003

 

  • “Let’s put the numbers to a test. Pass my reforms and I’ll deliver the savings. Even if one thought the savings would be smaller, that’s no reason to abandon the reforms. If a reform saves money, let’s take it. This is not a choice between deep cuts or higher taxes. There is another way. My plan calls for reform. It’s hard to say goodbye to the old way of doing things, but people are demanding change.”

 

  • “As the reality of last year’s Tax increase sinks in, it is imperative to remember how important it is to hold the line on raising taxes again this year.”

 

  • “Given our fiscal crisis, we have a unique opportunity this year to make permanent changes to state government that make sense, save money and make us more efficient. Let’s not squander that opportunity, but instead work together to achieve reform once and for all.”

 

  • “Small businesses are the backbone of our economy. They provide jobs for our half of our workforce and stimulate our economy. Raising taxes will force them to cut jobs and will drive them out of Massachusetts to a more business-friendly state.”

 

  • “Higher taxes are simply not an option for my administration, for working families or for the hundreds of small businesses who are struggling. It is time for reform.”

 

  • “Analogic’s continuing expansion is extraordinary in light of our challenging economic climate. If we’re going to attract and retain more companies, we need to get serious about reforming state government and taking steps to foster a pro-growth environment. Those steps include holding the line on taxes.”

 

  • “I find it unbelievable to hear people in the State House talking about Tax increases as an option to closing the budget gap. Raising taxes at a time of rising unemployment will hurt working families, drive companies out of Massachusetts and push our economy into an even deeper rut.”

 

  • “Higher taxes are simply not an option for my administration, for working families or for the hundreds of businesses who are struggling. It is time for reform.”

 

  • Massachusetts has tremendous potential – a highly skilled and educated workforce, top-notch institutes of higher learning and excellent health care facilities. But, we need to work harder to convince employers that Massachusetts is a good place to do business – and that starts with a stable Tax structure.”

 

  • “The Investment Tax Credit is one of the vital tools we have to attract employers and stimulate job growth in Massachusetts. I applaud the House and Senate leaders for their efforts to maintain the Bay State’s pro-business environment.”

 

  • “We have successfully closed the largest deficit in our state’s history without raising taxes. Not many states can make that claim, but here in Massachusetts we can be proud of what we have accomplished on behalf of our citizens. I am grateful to the Legislature for their efforts.”

 

  • “With this budget, we’ve launched the state on the road to reform. We didn’t get everything we wanted, but we got a lot. And as Arnold Schwarzenegger might say, ‘I’ll be back.’”

 

  • “Change doesn’t happen overnight or in six months. Reform is a four year job and we’ll be fighting for it every step of the way.”

 

  • “This year’s budget represents just the first step,” Romney said. “We still have financial challenges ahead of us, but with ingenuity and hard work, we can solve them.”

 

  • “We will continue to push for our plans to merge the Turnpike Authority, adopt court reform and institute workforce changes that will give us the tools to manage effectively. Our energy is limitless.”

 

  • “I support the changes to the Quinn Bill. The exceptions I have proposed are fair to our police officers who have either served their country or are more than halfway through their course of study.”

 

2002

 

  • “The easy way to fix any problem is to go to the people and say you have to pay more money, but that's not what the job of management is. The job of management is to find ways to permanently and structurally change the costs of our structure such that we can have a balanced budget without always raising taxes every time people think there's a need."
    • Governor Mitt Romney, Boston Herald, March 22, 2002

 

  • "America’s Tax code is a labyrinth that imposes an enormous and unnecessary burden on our citizens and employers. Keeping taxes low and simplifying the code will grow the economy and enhance our ccompetitiveness."
  • Governor Mitt Romney's Commonwealth PAC

 

 


 

 

 

“Mitt Romney Record on Taxes

 

When Mitt Romney entered the Governor’s office, Massachusetts had a $3 billion deficit. By focusing on the fiscal crisis, he decided to cut programs and streamline government rather than increasing taxes. The $3 billion deficit was erased and the cuts ultimately created a $1 billion surplus.

 

“We have successfully closed the largest deficit in our state’s history without raising taxes. Not many states can make that claim, but here in Massachusetts we can be proud of what we have accomplished on behalf of our citizens. I am grateful to the Legislature for their efforts.”

Press Release, 6/30/2003

 

“The easy way to fix any problem is to go to the people and say you have to pay more money, but that's not what the job of management is. The job of management is to find ways to permanently and structurally change the costs of our structure such that we can have a balanced budget without always raising taxes every time people think there's a need."

Boston Herald, 3/22,2002

 

“I find it unbelievable to hear people in the State House talking about Tax increases as an option to closing the budget gap. Raising taxes at a time of rising unemployment will hurt working families, drive companies out of Massachusetts and push our economy into an even deeper rut.”

Press Release, 4/28/2003

 

Mitt Romney wanted to cut the state income Tax rate from 5.3 percent to 5 percent, which translates into an average of $100 per taxpayer. In 2000, voters approved a gradual lowering of the income Tax rate, which was 5.85 percent at the time, to 5 percent. But in the depths of the state’s fiscal crisis in 2002, the Legislature froze the rate at the current 5.3 percent.

 

“Now, it’s time to take the next step. There is no longer any reason not to give the people what they voted for – a 5 percent income Tax rate.”

Press Release, 10/3/2005

 

Mitt Romney signed legislation that prevents thousands of Massachusetts taxpayers from having to pay retroactive taxes on financial transactions that occurred more than three years ago. Under the new law, no additional taxes are due and affected taxpayers may disregard any retroactive bills they received.

 

“It is fundamentally unfair to Tax people retroactively. If we are to keep faith with the taxpayers of Massachusetts, we need to correct the constitutional error that occurred here.”

Press Release 6/10/2005

 

“It is simply wrong to change the rules after the fact on taxpayers who sold assets in reliance on the Tax code in effect at the time.”

Press Release , 11/18/2005

 

Exterior Links

 

  1. http://reason4romney.blogspot.com/search/label/Taxes

 

Governor Romney's Five Factors That Accelerate Growth And Assure Economic Leadership:

 

  • Skilled, Educated, Motivated People

 

  • Free Trade, On The Level

 

  • Capital And Savings

 

 

  • Consumer Freedom

 

Governor Romney's Five Braking Factors That Decelerate Economic Growth:

 

 

 

  • Excessive Burdens On Business Activity

 

 

 

Governor Romney's Initiatives To Ensure America's Continued Economic Growth:

 

Below are excerpts of Governor Romney's remarks as prepared for delivery.

 

MAKING THE 2001 AND 2003 Tax CUTS PERMANENT: "Which course is better for America? A European model of high taxes and regulations? Or, low taxes and free trade * the Ronald Reagan model? That's the choice the next President will make. Some are already fighting to implement a massive tax increase. Instead, we should make the Tax cuts permanent."

 

  • REFORMING THE Tax CODE: "However, making the Tax cuts permanent is only the first step. We also need reform of the Tax code that moves towards a Tax system that encourages growth, fairness, and simplicity."

 

TAX FREE SAVINGS: Governor Romney Proposes Allowing People To Save Tax Free. "It is time to make saving easy in America. I believe people should be allowed to earn interest, dividends and capital gains up to a certain amount a year, Tax free and without restrictions on how or when their savings and investments are spent. As an example, let's say we chose $5,000 for joint filers as the annual Tax free figure for dividends, interest and capital gains. This would help middle class families to be able to save and to invest * and spend their savings the American way: any way they want."

 

FISCAL DISCIPLINE: Unless Given The Line-Item Veto, Governor Romney Would Veto Any Appropriations Bills If They Exceed Spending Targets. "I have a fairly simple idea for keeping spending in check. Give Congress a spending target and then insist that it is met. If Congress does not meet the spending targets, then its appropriations bills should be vetoed. I regularly exercised my veto power while governor. The alternative is for the Congress to vest the President with a power held in some form by 43 governors, including this Governor * the line-item veto."

 

REGULATORY RELIEF: Governor Romney Would Reinstitute A Regulatory Relief Board To Cut Back Regulations That Choke Off Growth. "Our regulatory burden is also overbearing. I'd re-institute a regulatory relief board to cut back the regulation weeds that choke off growth. One that deserves pruning is Sarbanes Oxley * it's driving away IPO's, depressing jobs, and requiring billions of unnecessary cost. Executives who violate the law should go to jail, but the entire economy shouldn't have pay an inordinate price for the sins of the few bad actors."

 

NATIONAL TORT REFORM: Governor Romney Believes America Needs National Tort Reform, Not Reform State-By-State. "Another burden on our economic future is our out-of-control tort system. Last year, U.S. corporations spent more money on tort claims than they did on R&D. If innovation is the key to our long term leadership, then some tort lawyers are cashing out our country's future. I spoke with one member of the plaintiff's bar the other day. He said that the tort lawyers are ok with state reform, but not national reform. You know what state level tort reform means * it means that as long as there is one lawsuit-friendly state, they can sue almost any major, deep-pocketed company in America. No thanks, America needs national tort reform."

 

FUEL EFFICIENCY: Governor Romney Would Evaluate Reforms To CAFE Standards To Develop A Better Way To Get Higher Fleet Mileage Without Market Distortions. "What does this mean for Detroit? Well, it means that the automotive fleet will have to become more fuel efficient. CAFE improved mileage initially, but the consumer has gotten around it over the last couple of decades. CAFE has some real problems. It distorts the market. It penalizes the domestic automakers. It can ignore technical realities. So before I would change the CAFE standards, I want to sit down with every major knowledgeable party and evaluate each of the alternatives. A good number have been proposed; let's decide which is the best course by looking at the data and analysis, rather than by playing to the TV cameras Let's not forget that a far more fuel efficient fleet must be part of our energy future. The issue is which is the least distorting way to achieve it."

 

 

 

 

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Taxes

 

The Club for Growth is committed to lower taxes-especially lower Tax rates* across the board. Lower taxes on work, savings, and investments lead to greater levels of these activities, thus encouraging greater economic growth.

 

During his 2002 campaign for governor, Mitt Romney pledged to balance the budget without raising taxes and touted his fulfillment of that pledge throughout his term. While it is true that Governor Romney did not impose any broad-based Tax hikes despite pressure from liberal special interests and an inherited budget deficit, he imposed a slew of fee hikes and Tax "loophole" closures, together with spending cuts, in order to eliminate the budget gap.

 

The largest of these was $259 million worth of fee hikes in FY 2004, the bulk of which came from higher Registry of Deeds fees1. Smaller fee hikes, including higher charges for boaters and golfers, were imposed in FY 20032 and FY 20053. Romney also sought $128 million worth of so-called Tax loophole closures for FY 20044; $70 million for FY 20055; and $170 million for FY 2006, which were later reduced to $85 million due to backlash from business leaders6.

 

That said, Governor Romney's single term contained some solid efforts to promote pro-growth Tax policy. In May of 2004, Mitt Romney proposed cutting the state's income-tax rate from 5.3% to 5.0% -* a measure Massachusetts voters had approved in a 2000 referendum, but was blocked by the State Legislature in 2002. The proposed Tax cut would have provided $675 million in relief over a year and a half7. When the Massachusetts Legislature refused to budge, Romney proposed the same Tax cut in 20058 and again in 2006 with no success9.

 

Romney was more successful when he took on the State Legislature for imposing a retroactive Tax on capital gains earnings. After a bloody fight, Romney succeeded in passing a bill preventing the capital gains Tax from being applied retroactively, resulting in a rebate of $275 million for capital gains taxes collected in 200210. Governor Romney also signed legislation that provided property Tax relief to seniors11 and legislation establishing a two-day tax-free shopping holiday in 2005.12

 

Governor Romney's history on Tax policy is scattered with inconsistencies. As a candidate for governor, Romney refused to sign an anti-tax pledge distributed by the local Citizens for Limited Taxation. He opposed Ballot Question 1 to eliminate the state income Tax and proposed an auto excise Tax on SUVs and a greenfields Tax on the development of ocean space.13 In 2003, the Governor refused to endorse the Bush Tax cuts, earning the praise of Massachusetts liberal congressman Barney Frank14, and was even open to a federal gas Tax hike15. His strident opposition to the flat Tax is most curious and difficult to explain since Romney wasn't a political candidate at the time. In 1996, he ran a series of newspaper ads in Boston, New Hampshire, and Iowa denouncing the 17% flat Tax proposed by then presidential candidate Steve Forbes as a "tax cut for fat cats".16 Even today, Romney continues to oppose the flat Tax with harsh language, calling the Tax "unfair."17

 

Overall, Romney's record on Tax policy is mixed. His record is marred by questionable statements and positions, and his fee hikes and "loophole" closures are troubling. However, his support for broad-based Tax cuts in liberal Massachusetts together with his enthusiastic embrace of the Bush Tax cuts on the campaign trail offers hope that Governor Romney's previous ambivalence on Tax policy is more a function of Massachusetts politics than his core beliefs.

 

Footnotes

 

1Massachusetts Executive Office of Administration and Finance, internal documents

2Boston Herald, 01/30/03

3Knight Ridder Tribune Business News, 01/29/04

4Knight Ridder Tribune Business News, 02/27/03

5Knight Ridder Tribune Business News, 01/29/04

6Boston Globe, 03/26/05

7Boston Globe, 05/20/04

8The Providence Journal, 05/18/05

9Boston Globe, 07/01/06

10Knight Ridder Tribune Business News, 12/02/05 & Associated Press, 12,05/05

11Press Release, Mitt Romney, 11/20/05

12Press Release, Mitt Romney, 07/22/05

13Boston Herald, 10/27/02

14Boston Globe, 04/11/03

15Boston Herald, 02/08/07

16Hotline On Call, 04/28/07

17Des Moines Register, 04/05/07

 

Gov. Romney On The Democrats & Their Tax & Spend Mentality

 

 

The Romney Record: Supporting Pro-Growth Tax Policies

Saturday, Dec 22, 2007

Governor Mitt Romney: "I don't think that the Democrats are right when they say that they're planning on raising taxes, that'll somehow make us stronger. I think that'll hurt our economy. Raising taxes slows the economy down. I want to keep taxes down. That was the first lesson of Ronald Reagan. Ronald Reagan 101: bring taxes down, that will grow the economy and allow us to have better jobs and a better future. And so I want to keep our taxes down." (Gov. Mitt Romney, Remarks, Conway, NH, 12/22/2007)

 

Governor Romney Has A Record Of Fighting For Lower Taxes In Massachusetts:

 

The Club For Growth: Governor Romney's Record Includes "Solid Efforts To Promote Pro-Growth Tax Policy." "That said, Governor Romney's single term contained some solid efforts to promote pro-growth Tax policy." (The Club For Growth, "Mitt Romney's Record On Economic Issues," Press Release, 8/21/2007)

 

  • Massachusetts Citizens For Limited Taxation Executive Director Barbara Anderson: "There was no one else out on the horizon and with the legislature almost entirely Democratic, we felt it was necessary to have a grown-up in the corner office. ... And we were right to back him. He's been a really good friend to the taxpayers." (Shawn Macomber, "Mighty Mitt Romney," The American Spectator, 3/2006)

 

  • Beacon Hill Institute Executive Director David Terck: Governor Romney Did "Hold The Line On Taxes In Every Significant Sense." (Fox News' "Journal Editorial Report," 3/31/2007)

 

CAPITAL GAINS TAXES: Governor Romney Turned The Legislature's $250 Million Retroactive Capital Gains Tax Increase Into A $250 Million Tax Refund. (Governor Mitt Romney, Remarks At The Conservative Political Action Conference, Washington, D.C., 3/2/2007)

 

INVESTMENT Tax CREDIT: Governor Romney Signed An Economic Stimulus Package Making The Investment Tax Credit (ITC) Permanent. (Office Of Governor Mitt Romney, "Romney Signs Economic Stimulus, Supplemental Budget Bills," Press Release, 11/26/2003)

 

PROPERTY Tax RELIEF: Governor Romney Proposed And Signed Legislation Providing Property Tax Relief To Senior Citizens, Enabling Them To Keep Their Homes. (Office Of Governor Mitt Romney, "Romney Signs Bill To Give Seniors Tax Relief," Press Release, 11/20/2005)

 

2004 SALES Tax HOLIDAY: Governor Romney Enacted The State's First-Ever Sales Tax Holiday In 2004. (Office Of Governor Mitt Romney, "Romney Promotes Tax-Free Shopping Day On Saturday," Press Release, 8/14/2004)

 

2005 SALES Tax HOLIDAY: Governor Romney Enacted A Second Sales Tax Holiday. (Office Of Governor Mitt Romney, "Romney, Dimasi, Hart Promote Tax-Free Shopping Weekend," Press Release, 8/14/0)

 

BIOTECH MANUFACTURING JOBS Tax REBATE: Governor Romney Proposed And Enacted A Tax Rebate For Manufacturing Jobs Created In The Biotechnology, Life Sciences And Medical Device Fields. (Office Of Governor Mitt Romney, "Romney Signs Economic Stimulus, Supplemental Budget Bills," Press Release, 11/26/2003)

 

RESEARCH AND DEVELOPMENT Tax CREDIT: Governor Romney Proposed And Enacted An Expansion Of The Research And Development Tax Credit. (Jay Fitzgerald, "Gov Nearly Halves Package; Rebellious Legislators Vow To Override Stimulus Vetoes," The Boston Herald, 11/27/2003)

 

LOW-INCOME HOUSING Tax CREDIT: Governor Romney Extended The Low-Income Housing Tax Credit. (Jessica Fargen, "Romney Pegs Courthouses For Repair Money," The Patriot Ledger, 8/11/2004)

 

PRESCRIPTION DRUGS Tax RELIEF: Governor Romney Ended The Prescription Drug Tax Which Fell Disproportionately On Seniors. (Office Of Governor Mitt Romney, "Romney Signs No New Tax Budget In Time For New Fiscal Year," Press Release, 6/30/2003)

 

COMMUTER Tax RELIEF: Governor Romney Signed Legislation Allowing Commuters To Deduct Transportation Costs From Their Income Taxes. (Office Of Governor Mitt Romney, "Governor Romney Signs $25.2 Billion FY 2007 State Budget," Press Release, 7/8/2006)

 

VETERANS Tax RELIEF: Governor Romney Signed Legislation Providing Disabled Massachusetts Veterans With Extensive Tax Exemptions. (Office Of Governor Mitt Romney, "Romney Expands Tax Benefits For Disabled Veterans," Press Release, 8/14/2006)

 

HOME HEATING OIL DEDUCTION/ENERGY EFFICIENT CREDIT: Governor Romney Signed Legislation Giving Homeowners A Deduction Of Up To $800 For Home Heating Costs And Providing A One-Time Credit For Homeowners Who Purchase Energy Efficient Heating Products. (Office Of Governor Mitt Romney, "Romney Signs Legislation To Provide Energy Price Relief And Increase Conservation," Press Release, 11/22/2005)

 

BUSINESS DEVELOPMENT: Governor Romney Proposed And Enacted A Refundable Tax Credit To Promote Development At The Former Fort Devens U.S. Army Base. (Stephen Heuser, "$660M Drug Plant, 550 Jobs For Mass.," The Boston Globe, 6/2/2006)

 

FIRE SAFETY Tax DEDUCTION: Governor Romney Proposed And Enacted A Tax Deduction For Businesses Installing Automatic Sprinkler Systems To Enhance Fire Safety. (Office Of Governor Mitt Romney, "Romney Signs Into Law Landmark Fire Safety Legislation," Press Release, 8/17/2004)

 

CONFORMITY TO FEDERAL INCOME Tax CODE: Under Governor Romney, Massachusetts Was Brought Into Conformity With The Federal Code, Providing Massachusetts Taxpayers With A Range Of Credits, Exemptions and Deductions Previously Unavailable To Them. (Office Of Governor Mitt Romney, "Romney Urges Taxpayers To File For New Tax Breaks," Press Release, 1/24/2006)

 

MEDICAL DEVICE Tax CREDIT: Governor Romney Enacted Legislation Providing A Tax Credit For User Fees Paid By Medical Device Manufacturers to The U.S. Food And Drug Administration. (Office Of Governor Mitt Romney, "Romney Expands Tax Benefits For Disabled Veterans," Press Release, 8/14/2006)

 

MOTION PICTURE Tax CREDIT: Governor Romney Signed Legislation Providing Tax Incentives For Movie And Television Production In Massachusetts. (Office Of Governor Mitt Romney, "'Lights, Camera, Action!' In Massachusetts," Press Release, 11/23/2005)

 

BROWNFIELD REDEVELOPMENT Tax CREDIT EXTENTION: Governor Romney Signed Legislation Extending The Tax Credit For Brownfield Site Redevelopment. ("Campaign Notes," The Berkshire Eagle, 7/8/2006)

 

HISTORIC REHABILITATION Tax CREDIT: Under Governor Romney, The Historic Rehabilitation Tax Credit Was Created Which Provides A Tax Credit For The Renovation Of Historic Buildings. (The General Court Of The Commonwealth Of Massachusetts, Chapter 141 Of The Acts Of 2003, "An Act Relative To Investments In Emerging Technologies To Promote Job Creation, Economic Stability And Competitiveness In The Massachusetts Economy")

 

Governor Romney Has Proposed A Pro-Growth Tax Agenda That Includes:

 

Making The Bush Tax Cuts Permanent. Governor Romney believes making the Bush Tax Cuts permanent is the first step to ensuring that Americans are able to keep more of their hard-earned money. (Romney For President, "Strategy For A Stronger America: A Conservative Blueprint To Lower Taxes," Press Release, 10/4/2007)

 

Rolling Back Tax Rates Across The Board For All Americans. As President, Governor Romney will cut marginal Tax rates across the board, allowing all Americans to save more money. This approach is fair, simple and extends the pro-growth benefits of Tax rate cuts to all Americans. (Romney For President, "Strategy For A Stronger America: A Conservative Blueprint To Lower Taxes," Press Release, 10/4/2007)

 

Making Middle Class Savings Tax Free. Governor Romney's plan will allow middle class Americans to save Tax free by changing the Tax rate on interest, capital gains and dividends to absolutely 0%. By helping more Americans save and invest, we can meet the challenges of an aging population and ensure the financial security of America. (Romney For President, "Strategy For A Stronger America: A Conservative Blueprint To Lower Taxes," Press Release, 10/4/2007)

 

Killing The death tax. It is unfair to Tax the American people three times: once when they earn their money; second when they invest it and receive income from those investments; and third when they die. (Romney For President, "Strategy For A Stronger America: A Conservative Blueprint To Lower Taxes," Press Release, 10/4/2007)

 

Making Our Corporate Tax Rate Must Be Competitive With The Rest Of The World. The United States has the second highest corporate Tax rate in the Organization for Economic Co-operation and Development. We simply cannot afford for future economic growth to have a Tax rate that is out of alignment with the other major economies of the world. (Romney For President, "Strategy For A Stronger America: A Conservative Blueprint To Lower Taxes," Press Release, 10/4/2007)

 

Opposing Any Increase In Social Security Taxes. We can strengthen Social Security without resorting to higher Social Security taxes that will impact all Americans. Governor Romney will oppose any proposed increase in Social Security taxes. (Romney For President, "Strategy For A Stronger America: A Conservative Blueprint To Lower Taxes," Press Release, 10/4/2007)

 

Making Qualified Medical Expenses Tax Deductible. Governor Romney supports the full deductibility of qualified medical expenses, which will allow Americans to deduct the cost of their health insurance and out-of-pocket medical expenses, where accompanied by at least catastrophic insurance. (Romney For President, "Strategy For A Stronger America: A Conservative Blueprint To Lower Taxes," Press Release, 10/4/2007)

 

Preventing The Alternative Minimum Tax (AMT) From Hurting More American Families. At the very least, Congress must pass a patch to the AMT that will prevent this Tax from affecting more and more families in America. (Romney For President, "Strategy For A Stronger America: Real Conservative Solutions," Press Release, 12/13/2007)

 

Governor Romney Has Always Supported The Bush Tax Cuts:

 

Governor Romney Called The President's Tax Relief A "Powerful" Economic Tool. "Like Rhode Island, Massachusetts is heavily Democratic; John Kerry of the Bay State will sweep both places in November. I asked Romney how it helps Massachusetts that Bush is president. 'It helps America to have George Bush as president, and Massachusetts is part of America – still,' he chuckled. He said Bush, using the 'powerful' tool of a Tax cut, has worked hard to stimulate the economy." (Charles Bakst, "Mitt Romney To Have His Moment In The GOP Spotlight," The Providence Journal, 8/31/2004)

 

At The Republican National Convention, Governor Romney Praised Fiscally Conservative Government That "Leaves More Money In The Hands Of The Taxpayers." "We step forward by insisting on Ronald Reagan's vision of a compassionate and fiscally conservative government that promotes the opportunity of ownership and leaves more money in the hands of the taxpayers." (Governor Mitt Romney, Remarks At The Republican National Convention, New York City, NY, 9/1/2004)

 

At A 2002 Fundraiser, President Bush Advocated Making The Tax Cuts Permanent Saying "I Know Romney Feels The Same Way." PRESIDENT BUSH: "They also need to make sure the Tax cuts are permanent. Let me tell you my thoughts about Tax relief. When your economy is kind of ooching along, it's important to let people have more of their own money. Here's the page out of the textbook that I believe is important. I know Romney feels the same way. If you let somebody keep more of their own money, they're likely to demand a good or a service. And when they demand a good or a service in this system, somebody is likely to produce that good or a service. And when somebody produces that good or a service, somebody is more likely to be able to find work." (President George W. Bush, Remarks At A Massachusetts Victory 2002 Reception, Boston, MA, 10/4/2002)

 

  • Mitt Romney: President Bush Knows How To Stop Those Who Want To Raise Taxes. MITT ROMNEY: "We have to make sure that we have that battle cry here today as well because there are some people who would get the bus going back to 'Taxachusetts' and this man President Bush knows how to stop that kind of stuff." (Mitt Romney, Remarks At A Massachusetts Victory 2002 Reception, Boston, MA, 10/4/2002)

 

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