‘Tax Reductions Mean More Take-Home Pay’
“These payroll tax reductions mean more take-home pay for workers,” Premier David Burt said.
A Government spokesperson said, “Workers across Bermuda will soon see more money in their pay as Parliament has approved legislation implementing the payroll tax reductions announced in the 2026/27 Budget.
“The measures reduce payroll tax for employees while lowering employer payroll tax rates in several business categories, helping workers keep more of what they earn and supporting businesses that create jobs and drive economic activity.
“Premier and Minister of Finance, the Hon David Burt, JP, MP, said the legislation reflects the Government’s commitment to ensuring Bermudians benefit directly from Bermuda’s economic progress.”
“When our economy grows, Bermudian families should feel that progress in their wallets,” said Premier Burt. “These payroll tax reductions mean more take-home pay for workers.”
A Government spokesperson added, “The changes reduce the employee payroll tax rate in the first two income bands, meaning every worker in Bermuda will pay less payroll tax and take home more of their earnings.
“Employer payroll tax rates will also decrease across several categories, including large employers, medium-sized businesses, and key sectors such as hospitality and retail, helping to support job creation and economic growth.
“The Premier noted that these reductions build on a series of payroll tax cuts delivered since 2017, which have significantly lowered the tax burden on working Bermudians.”
The Premier said, “At a time when many families are facing pressure from the cost of living, this the largest payroll tax cut in history, will help ensure workers keep more of what they earn while the Government continues to manage Bermuda’s finances responsibly.”
A Government spokesperson added, “The payroll tax reductions will take effect on April 1, 2026, ensuring workers and businesses begin seeing the benefits in the new fiscal year.”
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“These payroll tax reductions mean more take-home pay for workers,”
And less money for the PLP Government to have to reduce our nearly $4 BILLION in current account debt or our billions more in unfunded pension liabilities.
“These payroll tax reductions mean more take-home pay for workers.”
That statement is ludicrous on so many levels.
Payroll tax deductions amount to nothing when they’re simultaneously met with rising living costs, rising cost of goods (*cough cough Sugar Tax *cough), rising fuel costs, and increasing insurance/healthcare premiums.
Burt’s either increasingly delusional or pathologically dishonest. Neither is good for Bermuda.
“they’re simultaneously met with rising living costs”
On the brighter side, our rate of retail price inflation has been consistently lower than that of the U.S., U.K. and Canada for the past 5 years according to our Minister of the Economy and Minister of Finance.
Bermuda is defying generally accepted economic principles!
Bermuda truly is another world!
“The payroll tax reductions will take effect on April 1, 2026, ensuring workers and businesses begin seeing the benefits in the new fiscal year.” Funny how they forgot to say this is in fact a reduction in take home pay for the lower paid because the Standard Premium Rate for health insurance is increased by more than the reduction in payroll tax. Burt doesn’t even try to be truthful.