US income-tax system a good model to follow
THE EDITOR, Sir:
In the United States, the government has a creditable income-tax system in place. This system benefits those employed, as well as employers. The government gives assistance to many small-business owners, as well as big corporations. Each business owner has a duty to pay income taxes at the end of the year. These taxes are based on their profits for the year.
Business owners who are registered with the government can choose to pay taxes quarterly or yearly. Corporations which employ hundreds of people all get tax breaks, which lowers the amount of taxes due at the end of the tax year. These tax breaks range from hundreds to thousands of dollars. Small-business owners also get tax breaks, which depend on their profits for the year, as well as the number of employees they have.
How would this benefit Jamaica? Well, if those who are domestic workers, construction workers, taxi drivers, and all other self-employed professionals, would register and obtain a tax identification number, with the government, they would be able to file and pay their taxes, as well as receive any tax refunds due to them.
Paying taxes is the right thing to do. It would also benefit the country as a whole, because if the economy is stable, it would open the door to investors from around the world. Pharmaceutical companies would come, as well as other investors, and build manufacturing plants and factories which would create more jobs, which means more money and a better economy.
The health-care system would improve, because doctors and nurses would be more apt and willing to do their job, because they would not have to worry about being paid adequately.
A stable economy is a win-win situation for all those involved. Less stress and less sickness is the result of a good economy, because no one is worried about not having any money to pay bills, because everyone is working and happy. The government uses the taxes being paid to run the country. Some people argue that taxes mean less money in their pockets, and it may seem that way. However, most of the money that is paid out is refunded at the end of the year after filing.
It is a good thing for our country. Let us work together to make our homeland the best it can be.