James Sturgios of the Pioneer Institute delivers a blow to the Governor’s public assistance to the biotech industry. Governor Patrick and the legislature believes they can pick winners in a volatile sector. Good luck to them. But they should be honest about using taxpayers’ money in what according to Sturgios, is a fiscal shell game.
During his campaign, Patrick said reducing the state income tax would only make local property taxes skyrocket further, calling it a “fiscal shell game.” But the governor is now playing his own shell game by proposing to subsidize Shire and his biotech proposal with a $297 million business tax hike.
Defying the will of the voters is purely kosher for the Governor. In 2000, the voters overwhelming ly supported a tax rollback to 5%. Handing out their hard-earned dollars to a favorite company isn’t. With all the financing problems facing the state, Deval and the life sciences sector is ready at the trough giving Shire a break while others have to pick up the slack.
Full text here: http://www.boston.com/business…