Don't be swung by the IMF

EDITOR, The Tribune.

WELL nothing amazing the IMF promoting Income Tax - are they saying the introduction of VAT was not a success? A whopping $1.2 billion in revenue?

Clearly their team must have met the wrong people or which is frightening those who they did meet did not put up the argument why should there be Income Tax and what would be the economic effects of reducing the spend potential of our community?

So the brilliance of the IMF suggest a ‘low rate Income Tax’ - don’t be swung by the words ‘low rate’ because once introduced the low will go to medium and in five-six years to high.

Say the IMF decide a low rate is 15% taxing us at our pay-cheque, before we get what we earn. Can you afford having 15% taken away? MP’s can’t!

Great so the potential spend we have now is reduced by 15% ..... revenue at Customs will reduce - VAT will reduce - business will reduce -less people will be able to purchase a home. Brilliant in social engineering and fiscal management.

Okay you are looking for new revenue sources -let’s start collectively we have to pay our bills in full - write down how much you owe, you know BEC/BP&L-BTC-Aliv-Real Property - Mortgage - Over-draft (if you are so lucky!) and see what you have left after aggregating that to a month?

My list to go immediately - 240,000 residents fly to the US annually - remove the returning exemption or rationalise it.. ... 240,000 times a conservative spend in Dade County-Broward County at $500.00 per person is $120,000,000.00 - this has to be halved. Imagine this $120 million being spent locally the potential impact? Forget the politics, Dr Minnis - Mr Peter Turnquest this is good for the country. Do Dade and Broward pay us for this massive spend?

Luxury items, not necessities increase duty by 6-8%.

The IMF has their evaluation backwards. Realise it the Banks now control the Real Estate market with the massive delinquent mortgage properties - why should they finance any new housing or purchase unless it comes off their list of delinquent properties?

Truth told the economy has shrunk since May 10th, I suspect the fear of being caught taking that incentives to process an application has taken $2-600.00 out of your money.

The latest unemployment figures - simply don’t believe them - they have to have been engineered. Statistics you have to show where and on which island the reduction occurred. What areas of Nassau were polled? Lyford and Cable Beach?

NIB, yes IMF were correct the high-end rate needs to be increased...those earning high-level wages can afford and the fund desperately needs that money to stay liquid and able to meet their pension commitments.

Did you notice fees at LPIA went up recently – very quietly but this is going to add to the already high costs of processing through this facility.

Government needs to make a policy until they change how electricity is generated, God help us if they can’t in months, note Mr Prime Minister that is an exceptionally easy decision just like evacuating was....require all thermostats in office buildings, malls, supermarkets to be set at 78 degrees - in the middle of the summer we see the ladies in winter sweaters in offices - now that has to be crazy. Do men have to wear suits in the summer? Let’s get practical.

Sorry Messrs IMF review team you missed the whole issue. An Income Tax at any level will be detrimental to our economy. We need more business not less.

W THOMPSON

Nassau,

September 17, 2017.