Thursday, April 17, 2003

Tuerck: Romney Bank Loophole is tax hike

David Tuerck, president of the conservative Beacon Hill Institute, today told the Boston Globe that the Fraud Governor's move to close a 'loophole' in the state banking code was actually a tax hike.

A recent bill, backed by Romney, raised bank tax rates and 'stuck them with a $140 million bill for back taxes' having to do with real estate investment trusts (REITs). Tuerck said, "You can call this closing a loophole if you want. What it really is is a tax hike." (source: Boston Globe, 4/17/03)

By pushing this tax hike, Romney has effectively argued that investors used REITs to dodge taxes. Yet Romney was a significant investor in the Corrections Corporation of America REIT. Which begs the question: Was the Draft Dodger a Tax Dodger, too?


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