Taxes & Spending

 

  • In his four years as governor, Romney turned a $3 billion budget deficit into a $500 million surplus.
  • In 2003, Governor Romney unveiled $343 million in budget cuts, and continued to slash nearly every part of state government in 2004.
  • Government spending under Romney increased a mere 2.22%, well below the population plus inflation benchmark of nearly 3%.
  • Governor Romney successfully consolidated the social service and public health bureaucracy.
  •  Romney eliminated half of the executive branch’s press positions, saving $1.2 million.
  • As governor, Romney fulfilled his campaign promise to balance the budget without raising taxes.
  • Romney proposed reducing the state income tax from 5.3% to 5.0%, a measure Massachusetts voters had approved in a 2000 referendum, but was blocked by the State Legislature.
  • Governor Romney succeeded in abolishing a retroactive capital gains tax that would have forced nearly 50,000 taxpayers to pay additional taxes and fees.
  • Governor Romney signed legislation that provided property tax relief to seniors.
  • Massachusetts Citizens For Limited Taxation Executive Director Barbara Anderson praised Romney, saying “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.”

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