We can have VAT at 100%, corporate tax at 50%, and having everyone give their entire income to the government, and we will still be hearing about new taxes to "bring down the national debt". We will soon have to pay tax to own a TV like the United Kingdom.
We don't have a taxation problem, we have a government spending problem.
The Bahamas survived for 40 years without VAT. When the UBP left government in 1967, there was a 10 million dollar surplus (adjusted for inflation, close to 80 million in today's value). We don't have a taxation problem, we have a government spending problem.
Income tax was originally supposed to be for the wealthy 1% when it was first introduced in America as well. Look at how that turned out.
LastManStanding says...
We can have VAT at 100%, corporate tax at 50%, and having everyone give their entire income to the government, and we will still be hearing about new taxes to "bring down the national debt". We will soon have to pay tax to own a TV like the United Kingdom.
We don't have a taxation problem, we have a government spending problem.
On IMF to Bahamas: ‘Pre-empt’ on corporate income taxes
Posted 9 December 2021, 10:34 a.m. Suggest removal
LastManStanding says...
The Bahamas survived for 40 years without VAT. When the UBP left government in 1967, there was a 10 million dollar surplus (adjusted for inflation, close to 80 million in today's value). We don't have a taxation problem, we have a government spending problem.
Income tax was originally supposed to be for the wealthy 1% when it was first introduced in America as well. Look at how that turned out.
On EDITORIAL: Decisions to be made on taxation
Posted 9 December 2021, 10:30 a.m. Suggest removal