No more taxes Jamaica. We should be protesting in the streets for a lowering of income taxes and GCT. This is the best way to get our economy growing. Thank God the Turks & Caicos Islands prevented a VAT imposition, they could ill afford it.
The value-added tax is a pernicious levy.
It’s basically a hidden form of national sales tax, imposed every time a transaction occurs at any stage of the production process.
But what irks me about the VAT is not its design (indeed, it shares some key characteristics with the flat tax). What gets me agitated about the VAT is the fact that politicians always seem to treat the tax as a way of financing a larger burden of government spending.
That’s certainly what we’ve seen in Europe, both when the VAT was first implemented beginning about 45 years ago and more recently when many nations increased the rate to finance bailouts and faux Keynesian stimulus.
With this background, you’ll understand why I get excited whenever I see signs of anti-VAT fervor. Even in tiny and largely unknown British colonies such as the Turks and Caicos Islands.
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