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FM
Former Member

MYTH #2:
High Taxes like we have in Guyana provide the funds for the Government to Grow the Economy and balance the budget".




FACT:

The right tax cuts help the economy by creating incentives to work, save, and invest.


EXPLANATION:


Wild tax cuts left right and centre is not a great idea and that is why the VAT should only be cut marginally - maybe only 1% as a measure of good will to the mothers of Guyana.


Cutting VAT is bad for Guyana.


Where the tax cuts should be applied is to those who produce real wealth - the workers and the private sector.


This will incentivising them to worker harder and take greater risks.


Economic growth requires that businesses efficiently produce increasing amounts of goods and services, and that requires consistent business investment and a motivated, productive workforce.


Thus for Guyana's economy to grow sustainably at levels of 7-8% annually the following tax reforms MUST happen:


1. the corporation tax MUST be reduced by the PPP in the 2013 budget;


2. the PAYE must be reduce in the 2013 budget;


3. and tax free threshold for workers MUST  be increased in the 2013 budget.



This will empower the Guyanese workers and business who will now have more money in their pockets to work harder, save more, invest more, spend more and take more risk with their own money and this will expanding the economic pie.


OK, Nehru Bhai.  Lesson No. 3 soon.



 



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FM Former Member
Originally Posted by Ronald Narain:

MYTH #2:
High Taxes like we have in Guyana provide the funds for the Government to Grow the Economy and balance the budget".

 

 

 

FACT:

The right tax cuts help the economy by creating incentives to work, save, and invest.

 

EXPLANATION:

 

Wild tax cuts left right and centre is not a great idea and that is why the VAT should only be cut marginally - maybe only 1% as a measure of good will to the mothers of Guyana.

 

Cutting VAT is bad for Guyana.

 

Where the tax cuts should be applied is to those who produce real wealth - the workers and the private sector.

 

This will incentivising them to worker harder and take greater risks.

 

Economic growth requires that businesses efficiently produce increasing amounts of goods and services, and that requires consistent business investment and a motivated, productive workforce.


Thus for Guyana's economy to grow sustainably at levels of 7-8% annually the following tax reforms MUST happen:


1. the corporation tax MUST be reduced by the PPP in the 2013 budget;


2. the PAYE must be reduce in the 2013 budget;


3. and tax free threshold for workers MUST  be increased in the 2013 budget.



This will empower the Guyanese workers and business who will now have more money in their pockets to work harder, save more, invest more, spend more and take more risk with their own money and this will expanding the economic pie.


OK, Nehru Bhai.  Lesson No. 3 soon.



 

 

 

Did the Private Sector state their position publicly on this 2013 budget?

FM
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FM Former Member
Originally Posted by Ronald Narain:

 

Economic growth requires that businesses efficiently produce increasing amounts of goods and services, and that requires consistent business investment and a motivated, productive workforce.


Thus for Guyana's economy to grow sustainably at levels of 7-8% annually the following tax reforms MUST happen:


1. the corporation tax MUST be reduced by the PPP in the 2013 budget;


2. the PAYE must be reduce in the 2013 budget;


3. and tax free threshold for workers MUST  be increased in the 2013 budget.



 

 

 

Ronald, your economic advice is just the tired, incompetent conventional wisdom that Nehru could just as easily get from reading Newsweek or Time. You are peddling Monetarism. The amount of money that is circulating in this or that sector of the economy tells you nothing. To achieve actual physical growth, instead of mere monetary growth, you need to differentiate between productive and unproductive activity (which the Milton Friedman types hysterically refuse to do.) It is entirely appropriate to use tax cuts to encourage certain kinds of economic activity. But if you simply cut taxes across the board, you encourage the bad along with the good, and generally you are encouraging the bad more than the good, because the "fast buck" is more likely to be found in the bad. Economic activity that will actually improve the future prospects for the nation tends to earn a slow, steady profit, after a lag time. A wise gardener will fertilize and water the vegetables, not the weeds.

FM
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FM Former Member

Agreed, this is monetarism.

 

 

But I am not advocating tax cuts across the board. I am actually against a cut in the VAT in Guyana.

 

 

VAT is the best tax to get income from the drug dealers.

 

I am calling for targeted tax cuts to the engine of economic growth - the private sector and the workers.

 

Are you against that policy and why?

 

Let us hear you OH Henry!

FM
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NehruNehruBig Mouth Member
Originally Posted by Henry:
Originally Posted by Ronald Narain:

 

Economic growth requires that businesses efficiently produce increasing amounts of goods and services, and that requires consistent business investment and a motivated, productive workforce.


Thus for Guyana's economy to grow sustainably at levels of 7-8% annually the following tax reforms MUST happen:


1. the corporation tax MUST be reduced by the PPP in the 2013 budget;


2. the PAYE must be reduce in the 2013 budget;


3. and tax free threshold for workers MUST  be increased in the 2013 budget.



 

 

 

Ronald, your economic advice is just the tired, incompetent conventional wisdom that Nehru could just as easily get from reading Newsweek or Time. You are peddling Monetarism. The amount of money that is circulating in this or that sector of the economy tells you nothing. To achieve actual physical growth, instead of mere monetary growth, you need to differentiate between productive and unproductive activity (which the Milton Friedman types hysterically refuse to do.) It is entirely appropriate to use tax cuts to encourage certain kinds of economic activity. But if you simply cut taxes across the board, you encourage the bad along with the good, and generally you are encouraging the bad more than the good, because the "fast buck" is more likely to be found in the bad. Economic activity that will actually improve the future prospects for the nation tends to earn a slow, steady profit, after a lag time. A wise gardener will fertilize and water the vegetables, not the weeds.


PAYE Taxes, Corporation Taxes, Threshold decrease and you are NOT calling for cuts across the Board????

Nehru
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FM Former Member
Originally Posted by Ronald Narain:

 

 

I am calling for targeted tax cuts to the engine of economic growth - the private sector and the workers.

 

Are you against that policy and why?

 

Let us hear you OH Henry!

Cuts to "the private sector" is way too broad. Give cuts to agriculture, construction and manufacturing, give tax increases to real estate speculators and other financial parasites.

FM
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FM Former Member
Originally Posted by Henry:
Originally Posted by Ronald Narain:

 

 

I am calling for targeted tax cuts to the engine of economic growth - the private sector and the workers.

 

Are you against that policy and why?

 

Let us hear you OH Henry!

Cuts to "the private sector" is way too broad. Give cuts to agriculture, construction and manufacturing, give tax increases to real estate speculators and other financial parasites.

I agree with you henry, we can refine it more to cut taxes to agriculture, manufacturing, low income housing construction, small businesses, pioneer industries like tourism, bio-technology (note Bobby Ramroop will benefit from this, but this is the right thing to do to encourage him to invest more and make more money).

 

So as you see this is not a policy targeting people but one designed to create new jobs by incentivising the private sector to invest more.

 

So not a bad end to the day, we do have a lot in common OH Henry.

 

I think the opposition can work with the PPP in 2013 but the PPP got to make the first move!

FM
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NehruNehruBig Mouth Member
Originally Posted by Ronald Narain:
Originally Posted by Nehru:

lAAD aH mERCY!! aN Elected Govt has to beg the Opposition!!! Well ah tell you, dis World still gat plenty CUNUMUNUS.

 

 

Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.
 

Martin Luther King Jr.

 

Lord help Nehru Bhai


yOU NEED MUCH HELP. aRE YOU IN aFGHANISTAN or just locked away in Hubu Backdam?????

Nehru
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FM Former Member
Originally Posted by Nehru:
Originally Posted by Ronald Narain:
Originally Posted by Nehru:

lAAD aH mERCY!! aN Elected Govt has to beg the Opposition!!! Well ah tell you, dis World still gat plenty CUNUMUNUS.

 

 

Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.
 

Martin Luther King Jr.

 

Lord help Nehru Bhai


yOU NEED MUCH HELP. aRE YOU IN aFGHANISTAN or just locked away in Hubu Backdam?????

 

 

Nah, I squatting out in Leonora by Irfatt million dollar pool. LOL

FM
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NehruNehruBig Mouth Member
Originally Posted by Ronald Narain:
Originally Posted by Nehru:
Originally Posted by Ronald Narain:
Originally Posted by Nehru:

lAAD aH mERCY!! aN Elected Govt has to beg the Opposition!!! Well ah tell you, dis World still gat plenty CUNUMUNUS.

 

 

Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.
 

Martin Luther King Jr.

 

Lord help Nehru Bhai


yOU NEED MUCH HELP. aRE YOU IN aFGHANISTAN or just locked away in Hubu Backdam?????

 

 

Nah, I squatting out in Leonora by Irfatt million dollar pool. LOL

Woh now you are talkin Bro. Chill with the Best man. Say Hi to Irfan for me. Cool Bro, dat is what i am talking Bout.Irfan in dah House Bro.

Nehru
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