Thursday, July 16, 2015

The PNM / UNC / COP / ILP Political Manifesto Cheat Sheet

Because we should not expect much in terms of policy proposals and manifestors during the current Trinidad and Tobago election cycle, here are some proposed ideas either the People's National Movement (PNM), United National Congress (UNC) or any of the political parties can consider for presentation on their political platforms ahead of the general election in 2015.
  • Increase the Personal Tax Allowance Immediately to $120,000
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%. 

To mitigate this patently unfair reality the personal tax allowance should be expanded equivalent to the rate of inflation which means tax allowances in 2014 should be at least $117,000. Any intellectually and morally honest Ministry of Finance should embrace this principle so as to offer relief to an already over taxed population