In The News: Corporate Tax

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Proposed tax increases a concern for Mass. businesses

Mar 24 2013

By Jay Fitzgerald, The Boston Globe

The governor wants to eliminate that exemption to raise up to $285 million in new revenues, according to estimates by the Massachusetts Taxpayers Foundation, a business financed research group in Boston.
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Obama Campaign Mounts New Assault on Romney’s Record as Massachusetts Governor

May 30 2012

By Jake Tapper, ABC News

But as Factcheck.org notes, the “Massachusetts Department of Administration and Finance says that fee increases during Romney’s tenure added up to $260 million per year, with another $174 million raised from closing some corporate tax ‘loopholes.’ The independent Massachusetts Taxpayers Foundation puts the revenue total of fee hikes and tax loophole-closings at between $740 and $750 million a year.”

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Job picture mixed under Romney

Oct 2 2011

The Advertiser / AP

Michael Widmer, president of the business-backed Massachusetts Taxpayers Foundation, described Romney's jobs record as "mixed," saying Romney failed to take the long view in his planning. "The administration never really put together an overall economic development strategy to improve the state's economic competitiveness," he said. "They did bits and pieces but they never really had an overall game plan."
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Seeking Taxes, Romney Went After Business

Oct 2 2011

By Michael Barbaro, The New York Times

However, by 2005, when Mr. Romney proposed his third round of corporate tax loophole closings, “frustrations had reached a boil,” said Michael J. Widmer, president of the Massachusetts Taxpayers Foundation.
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State officials defend business tax breaks despite some failures

Jul 20 2011

By Chris Camire, The Lowell Sun

Michael Widmer, president of the business-backed Massachusetts Taxpayers Foundation, believes broad-based tax incentives are crucial to the state's economy. He is dubious, however, of grants and tax breaks that are awarded to individual companies. "I think it's highly risky to pick selected companies, like an Evergreen Solar, and bet on them," said Widmer. "In the case of Evergreen, they had never even earned a profit, and the state committed $58 million to them. That's a huge risk."
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Legislators question effectiveness of corporate tax incentives

Jun 3 2011

By Johanna Kaiser, MetroWest Daily News

"The broad application of tax credits that give some tax relief for people making investments makes a lot more sense than the state acting as a venture capitalist picking winners and losers," said Andrew Bagley, director of research at the Massachusetts Taxpayers Foundation.
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Are tax incentives a bad deal for the state?

May 30 2011

By Johanna Kaiser, Milford Daily News

"The broad application of tax credits that give some tax relief for people making investments makes a lot more sense than the state acting as a venture capitalist picking winners and losers," said Andrew Bagley, director of research at the Massachusetts Taxpayers Foundation.
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Tax breaks short of transparency

Apr 1 2011

By Wayne Woodlief, The Boston Herald

The Massachusetts Taxpayers Foundation’s Michael Widmer, who attended the hearing, said he understood Fidelity’s situation, despite public grousing, because the firm benefited from long standing financial industry-wide tax breaks, not the special one-company treatment that Gov. Deval Patrick gave Evergreen.
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Business groups defend tax incentives

Mar 30 2011

Times & Courier / State House News

In an op/ed in the Boston Globe, Michael Widmer, president of the business-backed Massachusetts Taxpayers Foundation, and Jim Klocke, executive vice president of the Greater Boston Chamber of Commerce, defended a tax benefit approved in 1996 by the Legislature that allowed mutual fund companies like Fidelity to calculate their income tax based on a single sales factor. Widmer and Klocke called it a “forward-thinking policy” that spurred job creation and preserved thousands more jobs within the financial services sector, not just Fidelity.
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To keep jobs, don’t kill tax incentives

Mar 29 2011

By Michael Widmer and James Klocke, The Boston Globe

The single sales factor bases firms’ state income tax on their sales in Massachusetts, instead of on a combination of sales, property, and payroll. It has been unfairly labeled a “Fidelity tax break’’ — unfair because it affects an entire industry, not just one company, and because it is not a tax break. When Massachusetts passed a single sales factor law in the mid-1990s, it lowered the cost of employing people here. It spurred the creation of thousands of new jobs, preserved thousands more, and was fully complied with by the companies it affected.
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