Higher taxes for top earners ‘could threaten the economy’
Monday 5th July 2010, 3:00PM BST.
Jersey Construction Council chairman Martin Holmes
HIGHER taxes for top earners could lead to more job losses and threaten economic recovery, according to the body that represents the construction industry.
And a warning has been issued by the Jersey Construction Council that a tax rate of 30 per cent coupled with increased social security charges could drive some businesses and key staff out of the Island.
The Jersey Construction Council chairman, Martin Holmes, said: ‘For the good of all the Island’s industries we cannot allow that to happen, especially at a time when people are becoming more willing to look forward and invest in new developments.’
The comments are contained in a publicly issued response to a consultative document published by Treasury Minister Philip Ozouf outlining the options available to plug a projected £50 million deficit.
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Greed just sheer greed, what else can you call it?
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Yawn-yawn-yawn!!!
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boo hoo for top earners , those at the lower end of the spectrum will feel it more than you.
take the ceiling off social.
those of us long term residents , could learn the missing persons jobs
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High earnings generally bring employment opportunities for others on the island. FOr the selfish who discoutn that are mainly doing so because either they want free handouts, or have no sense of what is brought to the island from such individuals contacts and business relationships/nous. Such a tax rate will become a dis-incentive, and therefore contribute to a greater increase in unemployment.
Now is not the time to penalise those responsible for bringing employment to the island.
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I am sure we have all heard of multi millionaires who pay only 20k in tax per year – this is in no way fair to the rest of us. If they don’t like it they can go elsewhere, but I doubt they will get a similar deal somewhere worth living.
High earners usually employ many low paid immigrants – cleaning houses, gardening etc. They pay little tax and are now eligible for welfare handouts – so they are a drain on this expensive island.
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So its the lower earners who should pay?
Threaten jobs and the States will fold…..
Tax the rich as well as the poor and if the rich want to leave then so be it. There will still be a load of low to middle class earners left on the island. Where else can the rich set their own tax rates? They have it cushy here and they know it.
Also why not re-introduce corporate tax to say 5%, i’m sure that companies will still stay in Jersey.
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You cannot tax the really poor as they are struggling to survive at the moment.
And the really wealthy do not want to pay more tax.
If the States cannot make cuts then the only answer is to pile more tax on to middle Jersey.
Jersey is going to end up with a bath tub type tax system.
If you earn less than £10 -20K you will pay little or nothing in tax, if you are on £30 -100K you will pay the bulk of the island’s tax income, if you earn £1,000K+ you will pay a tiny proportion of your income, maybe 1% and nothing significant towards keeping the island going.
Long term it will result in the collapse of the island’s economy as the barmy tax system destroys what little industry is left.
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A modest increase to say 30% for those on over £100k a year for a time limited period wouldn’t do much harm. Other countries have put up their rates to address structural deficits and we could coordinate with the likes of Guernsey.
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pip(7), somtimes i think to cut my hours, and take up the fishing rod. come retirement in the future , i will have to make do with less anyway, so best to get used to it, other than winning the hospice draw , i am going nowhere fast.
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By proposing a 30% rate , Philip Ozouf knew he would provoke such a response from the business communities. It just adds more justification to up GST.
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