How Romney Put the Tax in Taxachusetts

Romney ran for Massachusetts Governor on a pro-business platform. As soon as he was elected, he turned on businesses and institutes hundreds of millions in additional taxes.

(NYT)- 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.