Republican senators of the 36th Guam Legislature vowed to introduce policy initiatives to raise government revenue without raising taxes, noting that putting more burden on taxpayers would raise the cost of living and further deteriorate the quality of life for all.
The minority party said it aims to support a balanced budget that fosters fiscal confidence, prioritize expenditures to pay-down government debt; stabilize fiscal foundation to increase access to resources for public and private investments aimed at getting island residents back to work.
“A strong fiscal outlook is an essential foundation for a growing, thriving economy. Placing our island on a sustainable fiscal path opens opportunities for jobs, and for families to place meals on their tables and pay their bills,” the Republican Party said in a statement.
“It creates a positive environment for growth and prosperity with a strong fiscal foundation, our island will bolster consumer and business confidence, and provide a stronger safety net for all.”
After the legislature’s inaugural ceremonies on Monday, Sens. James C. Moylan, Vicente “Tony” A. Ada, Christopher M. Duenas and Frank F. Blas Jr. formalized their proposed initiatives under their Let’s Get Guam Moving program toward economic recovery.
They have introduced the following three bills:
-An Act to Amend the Gross Threshold of the Limited Exemptions of the Business Privilege Tax (BPT) enacted by the 35th Guam Legislature, from $250,000 to $500,000.
-An Act to reduce the Business Privilege Tax (BPT) from 5 percent to 4 percent.
-An Act to Place a Two-Year Suspension on the Property Tax increase for those improvements valued at $1,000,000 or more. The only exception to this legislation would be individual homes valued at more than one million dollars.
As noted in a previous release on these measures, the senators have stated, “The first step to get Guam moving is to create opportunities for businesses to bring back their employees and allow the spurring of the economy. This starts with proposals to help reduce their overhead expenditures, particularly government obligations. In return, the government benefits from the infusion of payroll taxes, along with disposable income spending.”