The word â€śtaxâ€ť strikes such an arrow into the heart of everyone living in the Cayman Islands that the premier had to come up with a name that would be palatable to the community at large. He came up with the almost endearing title, â€śCommunity Enhancement Feeâ€ť.
Although putting the blame on the UKâ€™s Foreign and Commonwealth Office, they have never actually demanded the Cayman islands adopt a taxation system, they have merely advised we do it.
On our front page we have published a statement from Cayman Finance with a warning, â€ś[We] have some serious concerns about what is being proposed and its potential negative impact on the financial services industry and the Cayman Islands as a whole.â€ť
They further noted, â€śthe Cayman Islands is already a relatively expensive place to do business, in particular in regards to work permit fees and trade and business licenses.Â The proposed tax will undoubtedly lead to a further increase in the burden faced by all businesses in the Cayman Islands, despite the suggested optional pension contributions for expatriates.â€ť
In an article by Chuck Roger published in â€śAmerican Thinkerâ€ť almost a year ago, he made the statement â€śhigh taxes were badâ€ť whilst â€ślow taxes encourage growth.â€ť
He is absolutely correct. The quickest way out of this recession is to encourage growth in our economy. I quote more from this article:
â€śBetween 1980 and 2007, compared to the ten most-taxed metropolitan areas, America’s ten least-taxed metropolitan areas experienced three times faster population growth, 2.7 times faster employment growth, and twice as great an increase in personal income. Â In the latest Cato Journal, economist Dean Stansel observes:
â€śIf high-tax, low-growth metro areas like Detroit, Milwaukee, Buffalo, and Syracuse want to be more like high-growth areas such as Dallas, Tampa, San Antonio, and Austin, they should lower their onerous burden of taxation and bring spending under control.â€ť
Did you notice the end of the last line? â€śBring spending under control.â€ť
That is the crux of our problem. We spend too much. The very last thing we should be doing is suffocating the prosperity that we have enjoyed here for years. The idea of bringing in this community enhancement fee will NOT enhance any of us living here.
I leave you with the final quote from the article:
â€śProgressive politicians seek control over others using government force. Â These hopelessly misguided creatures will always need more and more of other people’s money to fund a quest for relevance in their own lives.
Note: The whole article can be found at: