You’re probably expecting me to write about a major scientific breakthrough or if you’re a basketball fanatic- about Steph Curry’s historic unanimous selection as season MVP or if you’re one of the few Leicester City supporters (like me… just joking)- about their unpredicted victory in this year’s English Premeir League or maybe about Sadiq Khan becoming London’s first Muslim Mayor. Maybe you’re a ‘Trumpist’ who views Donald Trump’s presumed Republican nomination as that “Greatest Day”
Alas, I discuss none of the above. I am blogging today about what was the biggest subject in the recently held general elections. In fact, the opposition, The People’s National Party, probably helped the then opposition, now government, into power by generating publicity around this plan. It almost created court drama when The Most Honorable Portia Simpson-Miller referred to it by a term other than that published by its crafters. It led to debate stand off and some campaign animosity. It’s called the 10 Point Plan aka $1.5 million Plan aka 10 Point Co…
In any other year, I would call the day “Budget Day” but today I call it $1.5 Million Day; I call it The Most Glorious Day in Recent History for In the year of our Lord two thousand and sixteen and this 12th day of May, we shall hear how the greatest, most beneficial plan for tax payers in the Western Hemisphere will be funded.
While the plan put forward by the then opposition has nine other points, it is the “tax break” for those earning up to $1.5 million that has been on everyone’s lips. After all, some pundits have it as being the election deciding factor.
As one could imagine, it has been a rat race to find money to fund this plan, which the government projects will cost some $12.5 billion (and which a Private Sector Working Group projected could cost some $31 billion), especially with the rude awakening that the touted main source, the gas tax, which was publicly known to be pumped into the consolidated fund, was not sitting and waiting on a new government near the end of the fiscal year. But as I would also imagine, money must have been found prior to today, The Most Glorious Day in Recent History. Despite my concerns about the potential economic impacts (these could be flawed- I am but a student trying to make it out of university), I have maintained that the government would fund this plan at all cost, regardless of what analysts have been saying; regardless of what the spokesman has been saying.
No New Taxes
Dr Peter Phillips, Damion Crawford and many financial analysts maintain that the plan cannot be funded without increase in taxes. Damion Crawford pointed out to us that consumption taxes would be the most likely target. Through it all, the proponents of the most glorious plan in recent history said that there would be no new taxes!
Haha! No new taxes, but as one of my fellows highlighted, it is in fact true that it was said that there would be no new taxes, no one ever said there wouldn’t be increases in the old taxes. You see in politics (well in life), you have to be smart and you must always have a back up plan. I think this might be the back up. No new taxes but let’s mess around with old taxes a bit!
Not so happy but optimistic
Since my mother’s meager salary currently falls within the existing threshold and I am not yet employed, there is really no direct benefit for me- indirect for sure because this will induce major growth!
My current concern is the impact that any increase in consumption taxes could have on those currently earning below the nearly $600,000 income tax threshold. After all, they would not have the additional $18,000 (or dividends thereof) increase in spending power. The most glorious plan in our history could end up being a burden to them, to their dependents; to the unemployed, to the retired.
But I will not continue speculating on what could possibly happen for today is $1.5 million day, 10 Point Plan day, Budget Day and for some, 10 Point Co… Day. Today we learn how this grand plan will be funded- and as Minister Shaw hinted, everyone will be happy.
May our day not be clouded by any new taxes (or upwards adjustments in old taxes) for today must be a Happy $1.5 million Day and more so, it shall be The Most Glorious Day in Recent History!