Don't know about you, but I sure have a sinking feeling about this whole Value Added Tax (VAT) implementation.
The higher prices from VAT will lead to lower sales. Lower sales lead to less profits. Less profits lead to adjustments. Adjustments lead to more unemployment.
Hence that sinking feeling.
Sure seems like there's a VAT octopus pulling all these economies under water. Or is it simply too much spending by governments?
VAT is a form of legalized criminality.. Think for a moment, if a individual person robs another person or if a person steals goods from a store, then a deliberate crime has been committed and jail-time may be in the waiting for those individuals who purposefully break the law..
Today we have a new form of theft, confiscatory crime, where the State takes the hard earned money of its citizens in the form of an “Excess Burden” called VAT.. This is done under government’s foolish assumption that its spending is always wiser than that of the Bahamian public.. What government doesn’t understand is the the economic “Deadweight Loss” resulting from VAT will result in far lesser revenue accruing to the government treasure.. Bahamian consumers are far more wise than government gives them credit for.. They realize that taxes cost more than just the money the government collects..It also includes all those goods the public woulds have consumed but don’t because of the higher tax..
Then we must not forget that VAT is a diving force of increasing poverty as thousands of our elderly, youth and part-time employees will be forced into the ranks of poverty.. Government’s reply is that it will increase the poverty safety net, but we have to ask ourselves, where is the government going to get the necessary funds for this growing safety net?? When they answer VAT, we realize just how foolish they really are when it comes to the administration of public finance.. They still don’t understand the economic concept of “Deadweight Loss” that result from the implementation of VAT and destruction it will do to the Bahamian economy as anticipated revenues fail to materialize..
Is VAT a criminal act; not really.. It very well is an economic transgression, committed upon the Bahamian people, that will do irrevocable harm and damage to the nation we love and its people whose standard of living will be destroyed by the very government they elected to office.. No they will not spend time in jail for this criminal-like act against the Bahamian economy; however, their names will go down in Bahamian history for the destruction their ill-advised fiscal policies will have wrought upon our country’s sinking economy..
As far as this VAT is concerned, I put the government on the level of a no good lousy thief who is going to totally destroy this country without a thought. They are the ones who spent us in to oblivion & now we must suffer for it without even a thought of cutting back themselves? Now I know they are idiots for sure. I just don’t know how they can’t see what they are doing to the country.We as a people are far to laid back & I am afraid that will be our downfall. We need 30-40,000 people on bay street protesting, that’s what we need because they need to know we will not take their crap anymore.They must be taking lessons from Obama on how to be the worst you possibly can at all things.