Lincoln Republican
Winfield
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« on: March 19, 2017, 12:17:09 PM » |
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George Romney, Michigan
By 1967, a looming deficit prompted the legislature to overhaul Michigan's tax structure. Personal and corporate state income taxes were created while business receipts and corporation franchise taxes were eliminated. Passage of an income levy had eluded past Michigan governors, no matter which party controlled of the legislature. Romney's success convincing Democratic and Republican factions to compromise on the details of the measure was considered a key test of his political ability. (Wikipedia)
Mitt Romney, Massachusetts
Upon entering office in the middle of a fiscal year, he faced an immediate $650 million shortfall and a projected $3 billion deficit for the next year. Unexpected revenue of $1.0–1.3 billion from a previously enacted capital gains tax increase and $500 million in new federal grants decreased the deficit to $1.2–1.5 billion. Through a combination of spending cuts, increased fees, and removal of corporate tax loopholes, the state achieved surpluses of around $600–700 million during Romney's last two full fiscal years in office, although it began running deficits again after that. (Wikipedia)
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