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ICYMI: Romney Profited From Government Handouts

This morning, the Los Angeles Times reported on Mitt Romney’s reliance on tax breaks and government subsidies while working in private equity. The article focuses on Steel Dynamics, the same steel company featured in Romney’s positive ad released just this morning, and all of the government help they received. In fact, Dekalb County was forced to institute a new tax to pay for all of the handouts.

Despite his constant opposition to government interference in the free market, Mitt Romney has a long history of profiting from government handouts. To rail against government on one hand, while making millions off of government subsidies and tax breaks on the other is the height of hypocrisy. Even worse, hard-working middle class families had their taxes increased to pay for it. Once again, Mitt Romney proves that he lacks core convictions and looks out solely for his own bottom line. Unfortunately, this is what voters have come to expect from the former Governor of Massachusetts.

Background

The State Of Indiana Insisted That Dekalb County Implement An Economic Development Income Tax Before It Would Offer Incentives To Steel Dynamics.According to Fort Wayne Journal Gazette, ‘Still, Steel Dynamics was not in favor of DeKalb County implementing a county economic development income tax, which the state insisted be done before it would agree to offer economic incentives, Busse said. ‘I think there’s going to be a magnificent return to the community on the investment,’ said Busse, who was honored three years ago as IPFW’s Distinguished Business Alumnus.’ [Fort Wayne Journal Gazette, 4/23/94]

Dekalb County Adopted An Economic Development Income Tax After Steel Dynamics Decided To Locate Its Plant In The County. According to Fort Wayne Journal Gazette, “Although residents in the 745-acre site named by Steel Dynamics haven’t heard much in the two months since Steel Dynamics announced it was coming to DeKalb County, DeKalb County commissioners have. Since the Valentine’s Day announcement, the county has adopted an Economic Development Income Tax, established a redevelopment authority and formed a redevelopment commission. The group also doesn’t want the County Council and the county commissioners to lend the steel mill any public money. And it wants the present zoning of the proposed site to be rescinded.” [Fort Wayne Journal Gazette, 4/17/94]