Tuesday, April 15, 2014

Government Policy Fostering Systemic Poverty in Trinidad & Tobago

Despite billions of dollars being funneled into poverty eradication programmes the poverty scourge remains; even whilst more citizens are now trapped in destructive inter-generational poverty traps actually set by government.

According to recent reports at least 20 per cent of the population are living below the poverty line in Trinidad and Tobago —despite this coun­try’s "high-income" status and overly generous social welfare system.

The primary cause of the persistent poverty problem however is neglected; -the declining prevalence of the nuclear family in Trinidad and Tobago society and the steady rise in the single-parent family -absent of husbands and fathers.

Thursday, April 3, 2014

T&T's Personal Tax Allowance Becoming Meaningless

Under T&T's tax system implemented in 2006 all individual taxpayers are granted a Personal Allowance of $60,000 per year. This means that you do not pay income tax on your first $60,000 of income and 25% on amounts above $60,000. 

Since 2006 however inflation which has averaged a minimum of 9% has stolen purchasing power away from salaried workers and persons on fixed incomes. At the same time food prices have averaged annual increases of 17%.