Column: ‘Spending Habits & Increasing Taxes’
[Opinion column written by OBA Senator Marcus Jones]
This Government saw the need to hold a Pre-budget Report Town Hall meeting and to the discerning eye it revealed that the outlook for stimulating the economy was bleak so let’s maintain our spending habits and cover it by increasing taxes.
So which demographic group in our country was targeted as potential bearers of the burden of maintaining uncontrolled spending while the economy is tilting towards a recession?
Yes, you guessed it. Our Seniors.
A Residential Rental Tax yielding $26.2m of tax revenue for the Government from people including our seniors, who have through a lifetime of sacrifice, built their homes, including rental property to provide for them during their years of retirement.
Many also receive a meagre pension but slept well at night knowing that they would have potential rental income coming in from a vibrant economy that produced a robust rental market.
But you say, “Don’t panic Mr. Senator, the Government has withdrawn that proposed new tax”.
But just as a budget reveals the values and priorities of a government, the “catch and release ploy” of this Government to roll out this proposal then withdraw it, exposes its hidden intents – to spend, spend, spend without sharing the burden of a faltering, non-diversified economy, refusing to trim its expenditure while over-taxing its residents.
An administration that is lean on ideas to facilitate the growth of an economy, reveals a desperate government grasping at straws trying to cover its dismal performance record in its attempt to jumpstart speculative industries in its first 18 months in power.
So, my fellow Bermudians, when the 2019/2020 Budget is presented this week, look to see how this government replaces this $26.2m shortfall in tax revenue and whether their budgeted expenditure will have decreased over last year in a clear demonstration that it values shared sacrifice.
- Marcus Jones
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Where will they find the $26.2M? My bets are that they will up the land tax. rumour has it that they even want to tax undeveloped land. Imagine that! Tax something that needs to be preserved & does not earn its owner any income.
Sounds like something that makes perfect sense over at Alaska Hall.
Not a word on cutting Government expenses.