Rick Lowe
Well the business community now knows that June 1 is the implementation date for an increase in the payroll tax. See this Tribune story…
It's an increase of 1%, split between employer and employee raising the total tax to 9.8% of income – 5.9% for the employer and 3.9% for the employee.
This is to provide funds for a permanent unemployment scheme. When the Government set out to help those persons most affected by the economic downturn in late 2008, it was a temporary programme. Now it's permanent.
It's not that people don't deserve to be helped, it's how we go about it and the burden we leave to our children and grand children that concerns me most.
And quite honestly, human nature being what it is, we will attempt to stay on unemployment for as long as we can, unless we're cut off. So this will undoubtedly lead to over utilisation of the NIB fund, helping deplete it sooner, rather than later.
It's a pity that we so easily buy into the argument that there is something for nothing. A notion that is far too easily promoted by the political class.
I am sure that it has not surprised you Rick that it has been made permanent.
I have never known a Government tax to be introduced and later cancelled.
We still have the war tax from the 1940’s – sure, they call it something else now but it is still the same tax.
Will the Government make any attempt to find jobs for the unemployed after those people realize that it is to their advantage to stay home? I somehow doubt it.
Won’t it increase again, to cover the cost of the drug benefit program?
I hope NIB, and all realize the possible implications of this report as reported in the Guardian on NIB and the social safety net in general in the country.
http://www.thenassauguardian.com/national_local/317353426150475.php
I’m with you my friend.
You bet. On both counts!
Here’s some interesting numbers relating to the US system from Dr. Don Boudreaux over at http://www.cafehayek.com
“David Harsanyi reported in the Denver Post that “Congress estimated Medicare’s cost at $12 billion for 1990 (adjusted for inflation) when the program kicked off in 1965. Medicare cost $107 billion in 1990 and is quickly approaching $500 billion.””
“ http://www.denverpost.com/harsanyi/ci_14500665 ”
Shocking isn’t it?
The cost on these things get blown all out of proportion and why not claim if you’re a “contributor” to NIB?
“Free things” are always good, right :0)
We might as well be in the US, after all, the government seems hell bent on taxing us to death.Ingram & Obama must be in cahoots.I have said it before & i will say it again, they are about to kill the goose that lays the golden eggs.Why doesn’t the PM set an example & cut their pay as well as cut the cabinet in half.Let the remaining cabinet members actually work for a living.Come on Mr.PM, lead by example.Maybe we should all retire & just suck our money back from the National Insurance scam, sorry, I forgot, they already “ran out” of that.
We’ll soon be up to the 17% mark, like Barbados I believe, as they have “found” this “new” revenue pathway.
The thing is, until they absolutely kill the spirit of human initiative (or chase it out) they will continue in the same way:
Ride ’em like you own ’em.
Tax, harrass, beg:
Government modus operandi.
( the first two, we all have first hand experiences or examples of, for the latter, will 35 begging letters on various Government department letterheads do?)
It also encourages loyalty to personality instead of observation of principal in law.
It seems, save a few dissenting voices,
things must run their course, with none in leadership positions realizing the folly of their action or inaction.