Joan Thompson
The problem is not complicated.
Governments are too big and too involved in areas of life in which they ought not to be involved. There seem to be no limits, and the public in its ignorance keeps asking for more.
Why is government building a straw market? When we fully understand why, then we have the answer for why the Bahamian government grows and why it will continue to steal some of the fruits of our labour the percentage of which will continue to increase.
The problem with a "flat tax" is that it is a tax based on income, therefore it is an income tax – which opens up a Pandora's box of evil nasties. There is no way they would ever limit it to 17%. A VAT is just as bad.
One of the attractions to investors is the "no income tax" statement. Whether it is as important as in the past, I cannot say.
Certainly a "low tax" policy is an attraction worth pursuing.
What is a “low tax policy”?
A low tax policy would be one related to the GDP of the country and pegged at a percentage of the GDP required to maintain infrastructure – roads and public buildings, pay for the judicial system and a police force to protect our borders our lives and private property.
For the past thirty-eight years the Bahamian governments of both parties have pursued a high tax policy to pay for any number of wishes and needs of select persons and groups largely depending on their political affiliation.
How else to account for a fiscal policy of deficit spending resulting in a National Debt, the size of which could imperil the value of the Bahamian Dollar.
To add to this, we need low taxes to encourage investment which is what creates wealth.
Also, the higher the taxes the more evasion takes place, as you know.
The higher the taxes, the less the income is going to be.Even the great Rush is selling his high-rise in New york because of the high tax rate.Enough is enough. They are taking our money & doing what they please, not necessarily what they should.
A friend sent this interesting link along about Cayman and direct taxation.
http://www.tax-news.com/news/Cayman_Report_Rejects_Direct_Taxation____42004.html
Supports the point that we should stick to a low tax.
We, in the Bahamas, already have a low tax system.
We are a tax haven for all… I think America’s fear mongering has pushed you outside into the wrong border.
No company ever looks at a place where they are going to make money and says “Nope… If I make money there the government is going to take some. I am just going to remain poor”.
This is why Canada (who is a “socialist” country) Is beating America and the Bahamas in employment.
In fact the “low tax rate” we have is what is killing us. The tax which we use to get most of our money is our duties tax, you know how x retarded that is? That duties tax literally only hurts the middle class. Then afterwords we have Bahamians in parliament go:
“Why is 9.8% of our nation under the poverty line when they just have to pay about 2x the amount for everything cause of our [x retarded] duties tax?”
Because of the duties taxes, we have a situation where small businesses cannot succeed. They have to raise their prices incredibly and they have to compete with Bahamians saying “No… why would I buy that when I could get it much cheaper in the states” then asking “why won’t those people hire me”. They won’t hire you cause everyone waits to to buy shit when traveling to America. Heres an idea… tax everyone taking up residence in the bahamas 5% starting with people who make 100k or more. then every 50k their taxes raise .05%. This… is conservative taxes. And you know what… we would make more money from taxes using this system rather than the x system we use now. You know why this will never happen? Because everyone in parliament makes at least 100k+ dollars. Also the Bahamian people are x stupid… they will probably read this and decide “You see those occupy Wall Street protests bui? How about we occupy Foxhill Prison so the criminals
(Whom Bahamians feel have some sort of x Criminal Union or some shit)
Could come inside a room and collectively agree to stop killing people. Ignore the fact that a human life has been cheapened in the eyes of regular Bahamians due to the increasing support of Capital punishment in response to the violence (Endless cycle anyone),no lets just protest the crime, cause that will x do something.
But I digress… we are the country that Neoconservatives wish to forge America into. A country divided in fear of our neighbors. A blind society which follow it’s leaders because it is the “rule” a rule made by those leaders. I actually have given up on hope for a better Bahamas. I am slowly watching America become what we are. I am moving to Norway, Germany or Canada. Hopefully they won’t fall to the disease of fear like the two fore-mentioned countries have.
Thanks for visiting and commenting.
You will note we have removed most of your foul language.
We try to maintain a bit higher standard here and you can obviously express your ideas without that.
Quick question. How much of Canada’s population is below the poverty line? What is that number in the US?
Thanks.