I'm back again...

      I've decided pick up where I left off as far as this blog is concerned. I haven't had much free time as I've been forced to concentrate on keeping my family above water. I will most def be posting more latter this week. I have a lot to get off my chest.

Election Budget

      In my opinion this has all the hallmarks of a an election budget, the hard decisions that we know have to be made have been deferred to a latter date. It is very concerning that our budget deficit continues to grow at an alarming rate when for the past year we have supposedly "Reset the Dial" and "Done more with Less." It comes as no surprise then that the statutory debit ceiling will be raised from $1.25 Billion to $1.45 Billion if Government jobs are to be retained.
      It is good to see that payroll tax will remain at 14%...we can assume something was learned when the recent increase to 16.5% actually reduced revenue instead of increasing it as anticipated. Thumbs up as well for the continuance of payroll tax concessions for the struggling retail, hotel and restaurant sectors.
     The most interesting aspect of this budget for me is the personal import duty "harmonizing" at all ports of entry at 25%. This means that clothing which attracted a duty of 6% will be increased to 25%... That's an increase of 317%! Personally I believe that there will be push back from Mr. and Mrs. Bermuda in this area. I am sure this is due to the recent lobbying by local retailers. They would have us believe that increased purchasing online and overseas by returning residents has led to plummeting local sales... 44 consecutive months to be exact. If this is the case, why are both local retail AND overseas purchases down? Seems more likely there are simply a lot less people here. Punitive tax increases are not the answer.