Facts On Debt: Sands Warns Painful Tax Reforms Can No Longer Be Avoided

First Published: 2021-06-20

“… I will say that it (the budget) does not in plain language, acknowledge that we are in deep trouble. There’s no free lunch. We must now accept that things are different. We may have afforded champagne previously, but if we drink cider or beer, maybe we will emerge stronger and leaner.” Dr. Duane Sands

We would add one proviso. When Parliamentarians talk about tax reform, they mean increasing taxes to cover excess spending.

While Dr. Sands did say spending needs to be addressed, the Nassau Institute’s position is that spending is the problem and needs significant attention. Tax rises lead to other economic distortions that often cause a drop in government revenue.

From The The Tribune Read more here…

Download Excel of National Debt here…

Download Dr Sands Budget Presentation here (pdf)…

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