From Tax it Rass....$1.5million Tax Uncertainity

2016 has definitely been an interesting year so far, but probably the most time interesting of the interesting things is JLP administration tax plan.I must say Supreme Ventures should start a new game call it Payday with a prize of $1.5 million if you win, and tickets should cost  a mere $18000. That is what many Jamaicans have been deceived by their own ignorance to believe. that as the  tax plan is implemented people will be standing in line to collect $18000 whether you work or not. You tell me if stupid was a disease this has to be source.

The views expressed here do not reflect the views of any political party, religious organization, school or even the neighborhood rum bar they are purely my own. If it sounds like I'm dissing anybody just continue reading.....

The Andrew Holness led opposition at the time devised a grand scheme to win the election since bitter medicine did not work in 2011, it was decided that that we would catch everybody with a Prosperity themed campaign structured around a tax plan that would give Jamaicans a break. The tax plan says, persons earning between $600k and $1.5 million would pay no Income tax under the new scheme and persons over 5 million would pay 25% tax on all their income. It was said that certain persons could take home up to $18000 more.

Now for the life of me can somebody tell me where the hell in that statement above say everybody getting $18000.

Secondly persons who earn between 1.5 million to 5 million will not be affected they will pay the same tax as they do now. Can someone please tell me what the problem is? I am still in the same position like I was before, the only thing that has changed is that people who used to earn less now earn a little more, one a two may earn more than me if I earn between 1.5 and 1.8 which the government has promised so far the evaluate.

I still cannot understand where the confusion comes about and what the "cass cass" and talk show programs are about. All of this information was available before February 25th.

Now putting grievances aside, the problem with the tax package is not on the consumer/beneficiary side but on the accounting side. The plan was launched as a revenue neutral scheme, where no additional taxes would need to be collected to fund it. This is where most people had heir doubts but I predicted that a tax revenue package would also have to be tabled on the consumption side to remain clear fiscally. I would suggest even though some would not agree with me that we levy GCT on all consumer items at a rate of 15%. The focus now needs to be on making government more efficient and growing the private sector as public is rationalized. I strongly believe that big Governments cause big problems.

But The Propserty Train is still moving its just taking the scenic route, over a rickety old bridge. In a few weeks when the budget is tabled we will all hear what new taxes are in store. But we definitely do not want to go back to this appraoch....................................>>>>


#CollegeEconomist #ProspertyTime #Taxed