Youth Parliament to discuss income tax for Cayman on Monday Loop Cayman Islands

The content originally appeared on: News Americas Now

Black Immigrant Daily News

The content originally appeared on: Cayman Compass

On Monday, March 13, youth parliamentarians will debate the implementation of a new public transportation system in the Cayman Islands and the implementation of a progressive income tax system in the Cayman Islands.

New public transportation system

Regarding the public transport system, this is one of Cayman’s hot topics due to the traffic issues experienced by many in Grand Cayman.

While it is unclear what recommendations will be discussed by the 26 youth parliamentarians on Monday, previous suggestions by members of the public include reducing the number of cars imported into the Cayman Islands, encouraging carpooling, staggering work hours to reduce the number of people on the roads at peak times, using ferries between districts as an alternative to cars, limiting the number of vehicles per family and encouraging companies with large staff numbers to allow more employees to work from home.

Public transport being the responsibility of the Minister of Transport, Kenneth Bryan, he took the time out of his busy schedule to meet with the youth parliamentarians to “congratulate them beforehand” and to “wish them good luck.”

Bryan added: “I encourage the listening audience to tune in to the Youth Parliament and the opening ceremony, if they can, and witness the quality of these young people who are conscious of the issues we are facing and can propose great ideas and solutions for us to consider. Hopefully, we can find some workable conclusions from their debate on Monday.”

Progressive income tax system

In addition to the public transport system, the youth parliamentarians will discuss the introduction of a progressive income tax system.

For those who are unfamiliar with this, WallStreetMojo defines it as follows:

Progressive tax refers to the system in which the payable taxes are determined with respect to one’s income level, which means the taxable amount is more for people with higher income and is low for those who earn less.

Levying such taxes helps maintain a balance between the higher and lower-earning groups.

Advantages of a progressive tax system, according to WallStreetMoj, include:

eradication of issues arising from income inequality, thereby making it easier for each individual in an economy to bear the cost of livingwealth gets distributed from the rich to the poorthe government generates more revenue in the form of timely and regular tax payments.

Some disadvantages are as follows:

unfair to the higher income group, including middle-class families. As a result, many high-income groups opt for keeping their actual earnings a secret, thereby evading taxesas the taxes received from the richer class are redistributed from the poor class through various government programs, some may perceive this as socialism.

The types of income that could be taxed under this system include revenue earned on investment income, interest earnings, and rental income.

As to the specific measures to be proposed by the youth parliamentarians, members of the public are encouraged to tune in from 10:30 am on Monday, March 13, and hear both sides of the debate.

The proceedings can be viewed on CIGTV and the Cayman Islands Government YouTube channel.