COVID-19 recession could lead to tax
(CNS): Finance Minister Roy McTaggart has said that if the country runs out of reserves before the tourism sector and the world economy recovers, government may have to consider taxation. Though reluctant to use the word, he said that given the current situation with the COVID-19 pandemic, things could get very tough for the public purse, with an early warning already coming from the latest financial results.
Speaking ahead of Friday’s Chamber of Commerce Economic Forum, which will be held online this year, where McTaggart will be delivering an update on the Cayman Islands’ public finances, he told CIGTV’s Donna Bush that government does have reserves but they won’t last forever.
Pointing to the latest unaudited accounts for the first six months of this year, the minister said they “tell a story that is not very pretty”, which is what he will say at the forum. However, he does not expect anyone to be surprised by that. He said that he will be presenting the forecasts for the contraction of the economy and Cayman’s financial position by end of the year.
“This really concerns everybody, as, yes, we do have reserves, but they only go so far,” he warned, adding that government may have to start making tough decisions about supporting the system and the people.
While government has done quite a bit to provide support to the unemployed thus far, as reserves are depleted things could soon change, McTaggart said.
“We could start to run out of funding,” he said. “I hope we never get there because the types of decisions you need to make are much tougher to make in terms of do we need to introduce taxation… and I hate to use the word… but if the world economy doesn’t get going and we can’t reopen the tourism sector of the economy, what’s next?” the minister asked. “The reserves that we have right now will only last us so long.”
The unaudited financial report for the first six months of 2020 show that on 30 June government had more than $500 million in the bank. But this surplus at the end of the first half of the year was due to the first three months when the economy was still riding high. The first quarter is also the period when government collects almost all of its fees from the financial services.
According to the report, in the three months from 1 April to 30 June government’s coercive revenues alone were down almost 35% compared to the second quarter 2019. As a result, the minister is no longer expecting to meet his targeted budget surplus but rahter a significant year-end deficit.
In June the government put out a tender for a financial institution to supply it with “a standby line of credit in the amount of CI$500,000,000 to address the government’s potential needs as a result of the possible loss of revenue and increased expenditure related to COVID-19”.
If this line of credit, which would in effect be a giant overdraft in the first instance rather than a loan, has been used before the expiration period, then the balance would be converted into a 15-year fixed rate amortising loan. The contract has not yet been awarded.
See the unaudited accounts in the CNS Library.
See McTaggart’s preview of Friday’s address on CIGTV below:
Category: Economy, Government Finance, Politics
2:06 I agree with all of those but not everyone in the civil service should have a cut. Some of us work very hard and have worked hard throughout this whole unfortunate situation. We don’t get pay rises only cost of living adjustments. I would be happy to co-pay my insurance if it meant I could go to hospitals other than the HSA which is a joke and understaffed and oversubscribed. Please do not paint us all with the same brush. We still have mortgages to pay and kids to support. Let the MLA’s get a pay cut.
We already pay taxes you dolt! Nearly 100% of everything consumed here is imported, and most of that is taxed at 22% on the cost of the goods and the shipping. Try cutting government spending before you start trying to squeeze the public for more during already hard times.
Maybe govt can check Leigh Ritch for a loan.
Payroll tax is the only fair way. Those who earn the least, pay the least. If a person loses their job, then they do not have to pay, whereas with the likes of property tax, unemployed persons could lose their homes. There could also be a starting point before deductions apply. for example $30,000 per annum before tax applies.
No tax is the fair way, this is a ridiculous idea. Politicians should first take a significant pay cut, followed by cutting back on some of the lazy civil service.
Payroll tax will lead to a mass exodus of companies and will destroy the islands economy. Value added tax (VAT) is an option, but the government should seriously consider a one time only wealth tax on the islands very wealthy. It’s time for the super rich on the island to give back to the island.
I think some of them already did
What a great idea! Those “super rich” will be out of here in a microsecond. Didn’t you see Cuomo begging rich people to come back to New York?
Seeing a lot of private sector employees commenting bout cut the civil service by 20%.
You ga jobs for them? Thought not.
You ga cover the additional burden on NAU? Oh wait, you the same one that said you don’t want more tax.
Unna want cake and eat it too.
Way to justify the CI welfare system, oops I meant civil service.
Looks like they stopped searching for the lost billion.
http://archive.caymannewsservice.com/2014/10/21/1billion-unaccounted-for/
101 comments. Worth re-reading. People had offered many ideas where to look for the lost ONE BILLION KYD.
They shouldn’t be talking about any sort of taxation until they trim the excess in government, starting with the undeserved salaries these politicians receive then the 10 heads of each department within a department for a department belonging to a ministry.
Open up the borders. Get rid of the bio button idea and the quarantine idea. Have people tested before they get on planes, at airport and every five days. Get used to a few cases of missed COVID popping up here and there, but the majority of people coming in will not be infected. Look at Bermuda…it is working. Prices are high enough (living expenses) and to add a tax on that would be ridiculously hard to live. Open the borders. Open up the post office. Keep the mask and social distancing.
Wow I didn’t expect to see the 800 pound gorilla in the room to show up that quickly , but then again our dear .gov never fails to astonish , mostly in a rather non impressive way , if we start a revenue tax on island the financial services sector will start packing in a heartbeat ! If we go for a property tax , RE and construction will be past the point of no return and plunge into low return on investment , which will lead to further bleeding in terms of prices which is bound to happen due to lack of revenues from tourism , I for one do not see Dart and Co letting that one happen without thinking about moving to more welcoming skies , leaving cayman to fend for itself , this will entail a MASSIVE revenue gap for .gov in the short term and no doubt put currency peg to a very dire test !
The KYD will join the Jamaican Dollar in a heartbeat when that happens ! It already has started to erode as to the Euro and that is just what might send it into a disconnect and a plunge ! I would rather trim .gov spending , open up power generation to competition , restart tourism AND stay on a prudent fiscal policy than risk a mass exodus of financial services or killing the RE and construction markets in one stone ! A lot of construction projects right now are holding back and the introduction of property taxes will send them straight into the drink ! The financial services industry on island has not taken too kindly to the increased licensing costs and is just looking for an excuse to move out and revenue tax might just be it ! In today’s world , thanks to telecommunications , the ability to work remotely only has increased ! Most financial industry offices are already looking for ways to decrease their footprint and looking just the right excuse to justify to their customers their move to other , more welcoming locales ! And our dear .gov just handed to them today , I guess congratulations are in order ! 🤪🎪🤡🌎 would be the best qualification for what order of a meltdown this policy will lead our tiny little island to !
Don’t worry yourself, if they do go through with it, they will find some way to stick it to the common man like they always do.
Only if you allow. They are your servants, not the other way around.
Honestly, if they tried to do that. Some rioting needs to happen… bet they would quickly remember who they serve.
Yeah exactly. Dart owns the most property but will be the first one exempted from property taxes if they are implemented. Just like how he develops the most which requires the infrastructure to be expanded but is the first one to get concessions on the infrastructure (IFF) fees for all his building permits….no low cost housing fees either…
Well, with the current economic climate in Cayman I wonder if the new Regiment and Coast Guard will be viable.
Both of these new entities will require major funding that was based on the needs of the country, particularly the tourism sector.
Now that the tourism sector is basically shutdown, with uncertainty of when it will be reopening, how can it be justified the need to start two new government entities that will require large funding.
Just thinking out loud….
When the big hurricane hits next month they will be useful.
Yes but why a “regiment”? Why military? It seems unnecessary, and I cannot understand why the governor is so keen on it.
The first step towards independence is always to create your own military. They’re Napoleon’s dogs from “Animal Farm”.
Their role is to force the Chinese from the greater Caribbean.
and no suggestion of reducing cutting the over-staffed underperforming civil service…..zzzzzzzzzzzzz
this place is doomed.
direct ruke now.
How about opening the post office?
No one who supported the severe shutdown, for such a prolonged period should be complaining. This is the natural consequence of so doing. Again, Cayman is not immune from the laws of economics.
Can we please get Marco back?!!
No, he’s earning 17,000 a month as compensation fromAlden for losing to Kenneth Bryan. Why would he give that up with the massive pension pot it comes with?
Come on Roy. You are a trained CPA and ex partner of a major accounting firm. You know full well there are two sides to this problem. Revenue and expenditures. If government would take on the expenditure side the problem could be solved. Here is a short list help you get started (in no particular order).
Cayman Airways
Turtle Centre
OffReg
Civil Service-reduce size and make healthcare copay
MLAs-we don’t need 19. 10 is sufficient
Double dipping MLAs.
There. You just saved about $100 million and it isn’t even lunchtime yet. Your welcome.
Short-sightedness is the biggest killer here in the Cayman Islands. Double taxation is not the answer.
How are they going to tax people that are already being indirectly taxed everywhere they go. Smh
Don’t forget
1)waste of money on the new port proposal
2) fight the LGBT community in court
3) stupid consulting fees
4) premiers and others trips to London, Monoco staying in 5 star hotels ($500 per night) with 24 drivers.
Should I go on..
With Government personnel costs running at about $300 mio per year, chopping 20% off that would save $60mio, you could reduce the top levels of pay 30% and 5% off the bottom end, I reckon that would add up to about 20% overall. It would also be free to collect, no expensive tax department, no increased costs in managing the returns and receipts, and no chasing non payment etc.
…they could also cancel the duty waivers handed out to non-performing developers…or actually keep track of the money they spend now on nonsense!
What I’m not hearing from the Government is what exactly is going on with the quarantine facility. How can they say contact travel time to come hone but there are no rooms at inn for anyone🤔.
I’m not sure the Government realizes how much money they will need to spend to get a tax system in place?! They will need to spend millions to setup a department to collect taxes, enforce tax rules, conduct audits, etc. Plus then all companies on the island (assuming this is a payroll tax) will need to setup payroll deductions for taxes, develop ways to submit taxes to government, etc. This is not something they’re just going to be able to setup in a month or two when they run out of money! They would need years to setup something like this.
Much easier to look at ways of cutting expenses!
Property tax is more likely
Property tax is the way to go next year.
How about no tax??!?!?
Cant believe people these days..
Advocating for a government, that clearly only has their own interests at heart, to tax the people. Literally advocating for themselves to make less in the long run…
Government make 1.2bn a year in tax revenue… for 40,000 thousand people…. where does it all go???
Tax the people…. seriously……..
Man, I’m thinking old school: Some dude tromping around the island on horse and buggy with a satchel (purse) knocking on doors to collect taxes.
“The tax man’s taken all my dough
And left me in my stately home
Lazing on a sunny afternoon
And I can’t sail my yacht
He’s taken everythin’ I’ve got
All I’ve got’s this sunny afternoon
[Chorus]
Save me, save me, save me from this squeeze
I’ve got a big fat momma tryin’ to break me
And I love to live so pleasantly
Live this life of luxury
Lazing on a sunny afternoon
In the summertime, in the summertime
In the summertime”
-the Kink’s
FIX THE DAMN DUMP!!!
You don’t get it. There is no money now. Maybe in 10 years time.
But don’t we already pay Tax. It is called consumption tax. The government receive a minimum of 20% on the land and cost (which includes freight and insurance) of the vast majority of items consumed on this island. Unless you live off the grid growing your own food and having your own fresh water supply then you are paying tax!
If we have to go with an income tax it would be a good time to move to universal health care and do away with the high cost of insurance. Cut out the 10’s of millions profits being made by the insurance company’s and make sure everyone is 100% covered. Health coverage should be a human right not something that is dependent on how much you make or who you employer is.
We follow the US on their health care system and it is one of the worlds most inequitable and wasteful medical systems in the world.
Will never happen. Too many high powered Caymanians making big bucks with private health insurance. A wonderful cash cow.
Don’t completley disagree, but in a socialized system there are always limitations to access as there are limited resources i.e. money to pay for everyone and everything. Is it fair to be told your going to have to wait for treatment because we have to treat all these people who are using up much the healthcare resources because of a lifetime of poor lifestyle choices such as poor diet, no exercise, being morbidly obese, smoking, excessive drinking, etc. The health insurance system as it is sucks but turning it over to the government which doesn’t really do anything very well other than wasting money doesn’t really sound too good either.
At this point we are just being cowards. Open the border, wear a mask if it makes you feel safe, if not fine no punishment for not. From mid April when we found out it wasn’t serious as thought we could of reversed course. Unfortunately,our leaders as well as most of the world are in almost a trance state where we don’t want to admit we all overreacted and just keep going on with this Covid death scare that the numbers simply don’t show. People get sick, life is risky let’s move on and try to live or this stuper we are in will never end.
100%
Just take a look at Bahamas if you want to see the results of ignoring the virus and opening borders too soon! Medical facilities on multiple islands stretched to breaking point and complete Lockdown again. Caused by opening borders too soon plus Bahamians going to USA to party, beware Cayman!
How stupid 1:47. Hundreds of thousands of people have died and continue to die by the thousands each day, worldwide, and you continue advocating that we have overreacted here in our islands. Really? It is that same ignorant mentality that is contributing to the many deaths. Thankfully our government did the right thing to protect people here. You’re the one living in a stupor (yes, that’s the word I think you were searching for!). I pray for you.
What I am not hearing from the government is how they are going to improve operational efficiency and remove the bloat from central government and the government authorities.
I have a better idea to make weed legal and start exporting it. Gov would make so much money from that is not even funny.
Cayman does not have the soil and water required to grow weed commercially. It would be too expensive even for local consumption, let alone exportation. That’s Cayman.
Get these f*king economics arsonists out of office now before there’s nothing but ashes left of Cayman !!!
And take Alden the emperor with you.
Or, you could just collect what is owed to the HSA and in garbage and school fees.
The indirect taxes and fees (car licensing, business licensing, duty and the list goes on) they already charge people and businesses is what contributes to this reserve. What more can they expect us to pay for?
Hope is a good breakfast but it makes for a poor supper indeed. I among many perceptive people realize that we cannot delude ourselves forever. Cayman should have long ago implemented some form of property tax . The Lands and Survey Department already has all the background information needed for such a regime.
An uncomplicated system whereby each homeowner would be granted an agreed tax free amount for their Private dwelling . Any property beyond that would be subject to a levy . Such a system will however never come to fruition as the brunt of such land tax would be bourne by the wealthy expatriate speculators with friends in high places.
Would that we never had to put such a regime in place as it will at the very least be a burden to generations of young Caymanians who are already finding it difficult to realize their lifetime objective of owning a home.
I echo today one of my favourite refrains , which is ” that for years we measured our progress on a faulty Report Card”. The Cayman Islands at this stage should have had a mature Sovereign Wealth Fund . There was ample opportunity for such aprovision . Alas however , when such suggestions were made the authors were reminded that they were no more than ” defunct school teachers”. Now ,I am afraid “the chickens have come home to roost”.
The situation of the twenty -first century Cayman Islands reminds me of a novel I read during my undergraduate years .In that novel , Madam Bovary a happily married provincial lady moved to Paris and was seduced by the big city trappings. Like Emma Bovary , The Cayman Islands Islands became intoxicated by a false sense of security fueled by ambitious political satraps trapped in their own self-importance and made arrogant by a distant colonial power.
Yawn…zzzzz…colonial…..zzzz…satrap….snore….
Property tax is absolutely not the answer. Government already charges an insane stamp duty on the purchase, another on the mortgage, not to mention import duty on virtually every single thing needed to build a house. Factor in costs of shipping and labor/permit fees and we already have some of the highest housing costs in the entire world. Add in the fact that the banks charge high fees and high interest rates and home ownership here is prohibitively expensive. There are enough taxes baked into everything now to handle expenses. The expenses are not managed! MLAs making 200+ for virtually nothing…civil servants getting overpaid to do very little…MRCU failing miserably, DEH is the same, HSA is the same, CINICO is a joke. None of the highly paid individuals at the top of these organizations are qualified or bringing value to their posts. Make their salaries heavily performance based. If they hit their targets then they can earn 200+ I don’t care; but when they fail miserably as they do to perform then their base salary should be in the $40k range. That’ll fix the swamp fast.
If only you could have been afforded an opportunity to right some of these wrongs……zzzz
Up till 3 months ago the current system was working pretty well. What was the surplus?
Really Roy? Is that your best suggestion? I respectfully point out that you, as a former legislator and Minister responsible for education, helped to create the very mess you now criticize. The cost of living in this country is already off the charts (at the top of the list as the most expensive place in the world to live!) and we are already indirectly taxed, astronomically. Your own “healthy” pension, and other resources, might prevent you from feeling the bite of all the indirect taxation that the rest of us suffer under but believe me it is beyond difficult for many of us to live. So, no thank you. We do not need more taxation, in any form.
I’m mandated to read his book if I want to pass a PR test.
Pastor Alfredo
Interest rates are at the lowest rates in our lifetimes. Does it make sense to squander the opportunity to issue long term debt at 2% or less. Short term debt could be issued for less than 1%. The economy will recovery is due course, but the issuance of debt will easily cover necessary expenditures.
It would also help not building the level of infrastructure or funding projects that do not help the economy now. Remove excess spending.
By using a Keysian approach to raise money (taxation) you slow the economy further. By financing with debt, you expand the economy. I wish someone on the MLA would take business and economic courses (or hire people who have).
12.40 Independence? Fnarr…fnarr… then you really WILL need a tax system as the ex-pats won’t be here to keep this place afloat with exorbitant fees for everything under the sun.
Let’s start with a 90% tax on all MLA salaries.
I agree. Tax the rich and there will be no need to affect the rest of us.
why do people think MLA salaries are so high? They are nothing compared to what we make in private sector doing far less. I’m make way more, only work 9-5 Mon-Fri, get perks etc. Their other ventures bring in more money than salaries.. If you think $8000-12,000 salary a month is a lot of money you check what VPs, Senior Compliance Officers, Corporate Admin, Lawyers etc make in private sector – that is where alllll the money is.
Clearly you did not see the news story that exposed the amount of money they make.
And as an experienced lawyer I can confirm that what they make is a lot more than many very hard working busy lawyers on the island.
Start at the Top. Governor, Premier and all in the house take a 50% pay cut.
Ah!! A new way for the government to line their pockets! Let’s hear it for giving the government more of our money!! YAY!!
Until they learn to spend what they already get, it would be idiotic to give them more.
Can you imagine the cost of them getting a tax implemented then organize the collection??? They’d need more staff and another government building etc.
Someone has huge googly eyes as they rub their hands together like a cartoon villain at the thought this..
Mass importation of poverty and ignoring our laws catching up with us?
1:00pm LOL imported poverty?? I think you’re mistaken. I’m certain NAU made up of born Caymanians than any other Caymanians but carry on!
You are clearly devoid of any knowledge of the facts. Thousands of individuals who are not Caymanian, or who were not Caymanian when they first came here in recent years, are directly receiving significant government financial and other support.
Total B.S. 2:11.
They are actually speaking facts. It is not BS by any means 2:51
Prove it. None of the “ I am given to understand” nonsense. PROVE IT!!
As someone who used to work at NAU, you would be surprised to see the amount of people who were granted status seeking benefits. Overall it’s heartbreaking to see whether you were born here or came here.
I would not be surprised. I know they number in the thousands. Pretty crazy given that a proven ability to support yourself and your dependents is amongst the key requirements to qualify for PR or status. Was someone not following our laws? Were politicians looking for votes over the economic sustainability of their country? How would that not be unlawful?
This has been happening long before the COVID-19 lockdown. If NAU would identify the persons with status and permanent residency on their list, then a report to the Status Board that problem could be dealt with.
Well, all know it has been happening long before the lockdown. NAU should identify those with status and permanent residency then make a report to the Status Board so it can be addressed.
If you are going to tax me, then that is ok BUT you better make sure that before you expect me to hand over one a single cent of my hard earned money to the Cayman Islands Government, EVERY SINGLE MEMBER OF THE CIVIL SERVICE NEEDS TO START PAYING FOR THEIR PENSION AND HEALTH INSURANCE. Until Government employees start paying their share of their pension and health insurance contributions – don’t expect me to pay tax to help pay for a bloated civil service and benefits that are not afforded to the ordinary working individual.
Civil serants do contribute a percentage to their pension which is matched by the government. I do agree with you on the health coverage tho, it’s what I’m used to and often opt out of going to HSA because of the poor untimely service they offer.
When Jim Bodden and his government set in motion the real estate and construction boom of the early eighties and thereafter, the money poured in in vast quantities. Some of us begged him to set up what would now perhaps be called a sovereign wealth fund for the proverbial rainy day but he and Haig berated us and called us communists and socialists. By now, with compound interest and ongoing deposits, however small, that fund would be huge and would be of immense benefit at this difficult time. But Jim and Haig knew best….
Roy McTaggart and his Lodge brethren are a disgusting blight on Cayman.
Roy call me.
No, Roy, please don’t waste your time calling him.
REALLY? Doubt you are sitting in a open island at the moment. LOL
I am but you are not!
Turks and Caicos been open for almost a month!
Tax belongs to expats only myself included.
Leave the Caymanians alone. You washed up, you can drift away, same way.
ur no expat….just a lying local
Exodus, movement of da business..
I think a property tax based on land value would go a long way to not just help us during the pandemic but also afterwards in the form of better infrastructure and public amenities likes public pools, parks and waterpark playgrounds for children. The government has really dropped the ball when it comes to quality of life outside of the home, for the average person on the island. The public can’t even run on the track at Truman Bodden Sports Complex because that’s only for the “elite” athletes from Cayman…
What about the land rich Caymanians who have had property handed down to them? They will all be forced to sell their families assets. Seems harsh.
Property tax should be limited to developed property. Undeveloped land consumes no services.
But that would make the largest land developer in Cayman…;0)….liable to actually pay and that isnt going to happen
Maybe if there is no road to the property.
Property tax means the end of property ownership.
You pay property tax forever, many time over the worth of the property over the years, which means you become a renter as the goverment can then lien your property for non payment.
How would you like a 2% yearly tax on your property him? Like the sound of having to pay 5, 10 and 20K every year just to hold on to what you though was yours?
People, don’t listen fools like this person.
13:41pm. That’s was a stupid suggestion, of property tax,if that tax is put oh here,Cayman is finished. Think of all.those big buildings in Town, if they have to pay property tax on those by value, They are going to close shop and take their business elsewhere. And the people if they have to pay property tax, they could lose their houses, if they lose their job and don’t have money to pay their property/house tax then they will lose their houses. Like in USA, That’s the only way property tax will work, that’s what’s happens in USA. If tax have to be, then put income tax, if you lose your job, u don’t have no income , so u will not have to pay income tax until
U gets another job, and you will still.have your house. Do that make sense ?
I think it would be less shocking to the whole system than income tax.
Then you’ll be seeing a mass amount of foreign owned property up for sale. In the long run this will hurt the tourism industry even further. Derelict properties all over the place…welcome to 3rd world.
When will you see that these politicians aren’t faithful to the Caymanian people? They swear and oath to serve the queen when sworn in, tell me who they are really loyal to?
Time for independence before the governor uses his power to impose this.
Last time I checked Roy McTaggart is a Cayamnian
The 19 MLAs in the house are Caymanian
What does the Governor have to do with us running out of money because we foolishly continue to rely solely on tourism and finance
Instead of diversifying our economy when we had the chance during the last 10 years
Go independent in the near future and Cayman is done like dinner. No tourism, no financial investment, anarchy will reign. The only thing that might pay back dividends to allow a Caymanian to offset taxes is buying shares in razor wire. Besides, turtle meat and thatch rope are not hot commodities at more.
Are you too blind to see whose pushing this agenda, it’s not the Gov., it’s one of the crooked fools you elected! That’s what selling your vote for a quick favour buys you these days.
You were doing well up until you mentioned going independent.
CNS can you pose the question as to whether they can extend the pension withdrawal until at least when the borders are open, at the next press briefing if we even have them again.
If you want to kill the financial services sector as well, then yes, go right ahead and introduce income tax. Businesses in this sector are already contributing heavily to the government via permit costs and other fees. Government has wasted that money year after year with zero accountability. The government needs to look inward first at all of the unaccounted for funds, all the fraud, all the misuse of public funds, etc. before thinking about income tax, as anything collected will continue to be wasted without the proper infrastructure and processes in place to ensure this corruption stops. I have no faith that any of my income tax dollars (should I be forced to pay them) will be spent in a fiscally responsible manner.
So, given the high cost of doing business here already, what will keep financial services businesses here if income tax is introduced? Look at all the admin firms that closed up shop during the last financial crisis. The law firms and accounting firms will still need to be here but not necessarily as staffed up as they currently are.
Employees these days have much less loyalty and are much more mobile (even in these times of airport closures). Given the high cost of living here, there will certainly be a talent drain if income tax is introduced. Also, please name me a country where income tax has been the answer to their problems.
I totally agree. And end the double-dipping by politicians who have reached retirement age, but are still working. No-one should be allowed to collect a government salary and a pension at the same time. It’s obscene.
Yeah, bring in tax and destroy the remaining pillar of the economy! Great idea Roy!
How about stop wasting money instead?
Actually, just talking about it is destroying every pillar. Real Estate, Construction, Development, Investment, AND Financial Services. Our leaders are acting like half-wits.
Our Leaders have been half money-hungry twats for many years now.
I’m all for taxation if it’s necessary, so long as the top earners such as our absent Speaker pay the top rate. Just imagine how much he will have to fork out.
They would vote themselves a pay rise to cover the tax, with a little extra for “administration.”
Start with a major reduction of MLA salaries. Lead by example!
Good luck with that. Someone has to finance trips to Monaco.
OPEN THE AIRPORT!
I’m not in favour of this at all. However if the do it it better not be a flat tax across the board. Poor people cannot take anymore.
In a place where people hide money behind shelf companies, I suspect it won’t be difficult to hide wealth for the purposes of a banded tax rate.
I truly hope you are not employed in the financial services industry otherwise you are demonstrating a breathtaking level of ignorance!
Sounds like you want this place to become communist.
Sounds like you have no idea what communist means
What a moronic comment to make. You would rather the poorer people pay the same rate as the rich which in effect is much, much harsher on the poor persons. Guess you are a card carrying fool for the GOP then.
The world economy is going and tourism is alive BUT you need to open the border and take the risk!
I am sitting here in a OPEN Island and every day tourists arrive spend money and go home after having a great week away.
They wear their masks an are grateful to be here, None have come in with COVID and the local infections are all from locals not remaining careful themselves.
What island are you on?
What planet might be a better question..
51 private jets in 1 week after opening with tourists plus one or two commercial flights a day!
Turks and Caicos been open for almost a month!
As for the below, there is more of the planet open than closed get out of your bubble OR have to pay the tax!
No taxation without representation
It is a good thing that you have options.
12.07 I’ll vote for that. But he current inhabitants of the corridors of power will never have that. Because they’ll get found out and voted out.
The millions wasted on the port, the dump, the schools, the cctv ect ect would come in real handy right now!!
A tax will not be because of covid. It will be because of successive governments WASTING our money on bullshit! Piss poor leadership is the problem!
and on mind boggling compensations and allowances to all MLAs
I agree 12:19 All MLAs and don’t forget the Deputy Governor and many others holding unnecessary, but highly paid positions scattered around the civil service that he heads. Undoubtedly there are many hard working and well deserving civil servants but not many of them will be found at the top.
How about those useless new licence plates?
Exactly. We are in a financial mess because of the Government, not because of Covid. What has government done to reduce expenditures? NOTHING!
If they come and try to tax us it will be because of them – not because of Covid.
Agreed. This government has been wasteful and now the people must pay for it.
Actually, if we can stop them from being wasteful now, we might stand a chance.
Government need to also cut the fat before they come for more of my money! We do not need 19 MLA to start, drop it to 11 and make them work for their pay.There a million dealt with nice and easy. Term limits term limits term limits! We need to start a petition for term limits and hold a referendum.
Thank you 12:44pm!
You can soon add bio-buttons to the list things they have wasted millions on!!
And from their own trough feeding frenzy.
Time to VOTE THEM ALL OUT for the love of country in 2021.
This government has been horrible and gives hundreds of millions away in fees and revenue thru concessions in secret development agreements to wealthy developers that control them while neglecting the average Caymanian. Look at the woeful state of education, health care, costs of living. Millions have been wasted on vanity projects for members of Cabinet, their egos and special interests groups.
They have failed the country and the majority of Caymanians. Time to clean house.
Name who we should vote in.
Ok, 1:31, plenty of talented indigenous Caymanians who would run. Just give me a minute. Here goes: er….ummm…erm……
Wayne Panton. Marco Archer. Winston Connolly.