Reverse income tax credit shouldn’t be a one-off thing
Published:Saturday | October 26, 2024 | 12:06 AM
THE EDITOR, Madam:
Twenty thousand dollars may not sound like a lot of money, but, when you didn’t have it, it sure fills a necessary gap. I wish it was more. I have myriad things that I can do with it (I’m sure, most of us).
At the first sound of this move by the government ‘to sweet us up’, I thought I did not qualify, and then wisdom caused me to pursue it further and recognised I was in for some of the goodies. I was excited!
But, with reality and good reason, my thrills became chills. Good sense chipped in and I pondered how lasting will the impact of this one-off payment be? What happens next year and beyond. What is more important to me, at this point, is to know what the government’s plan is, and whether or not this exists in a vacuum … in isolation, or if there’s a broader scope in which this payout fits. In layman’s terms, what will we get next year? What is the plan?
This reverse income tax credit begs for an initiative and not a one-off activity. The government calls their move an initiative but it’s really not until we get a clear policy framework where this is a part of a greater plan.
I hope that I am articulating clearly the views of well-thinking Jamaicans, who not only want a near-sighted, short-term, one-time programme with no continuity, purpose and sustainability but a plan to enrich the financial landscape by granting hard-working Jamaicans a rhythmic income tax refund. With inflation climbing through the roof and prices for consumer goods skyrocketing, the government’s financial team needs to put this $20,000 in a better package.
Is it that it could follow suit what entails with the contribution refunds associated with the National Housing Trust? This is a clear policy position. At the end of every seven (7) years, working Jamaicans can look forward to a refund of their housing contribution with interest. Obviously, I am very impressed with this carefully crafted policy.
So, Mr Prime Minister, we beg for some clear direction in this regard.
MARIE HENRY