Business Senator Weighs in on 2024/2025 Budget

Business Senator, Kevin Herrera says that the government’s projected expenditure of one point six billion dollars for 2024 is manageable, with revenues projected at one point four billion dollars. He argued however that the government is foregoing too much money in land taxes on an annual basis. Senator Herrera says that up to one hundred million dollars in land taxes can be collected annually, as opposed to the projected seven million dollars.

 

Kevin Herrera, Business Senator

“And these are all very manageable. These are not bad numbers at all because they are really within the range that are manageable. So we came pretty close to where expenses almost equal to revenue and I think if we continue to work on the revenue side of the budget, if we continue to try to contain expenses I think we can look at an overall surplus at some point. On our revenue side I am of the view that the government forgoes millions of dollars in taxes each year.  This is very important to bring fairness into the system. For those whom play by the rules and I am talking about the private sector, they are disadvantaged in a competitive environment when we have to compete with those who unfairly don’t pay their fair share and as a result are either able to sell at a lower price or have a bigger margin, or in some cases both. One example raised on a couple occasions, land tax. We have budgeted seven point one five two million in this coming fiscal year. This is generally the amount we budget to collect every year. You will look at it and say this is consistent. It seems reasonable. The fact is we could collect a lot more from this year. And, based on those who I have talked to who work this year, the amount we collect can well be over a hundred million each year.”