Camacho vows to cut taxes

The Camacho Ada 2022 Campaign issues the following statement on a news report on the preliminary consolidated revenue and expenditure report for fiscal year 2022:

“Governor Lou Leon Guerrero told the Guam Women’s Chamber of Commerce recently that rolling back the Business Privilege Tax will result in a loss of $60 million in revenues to the general fund. With recent congressional action, led by Guam Delegate Michael San Nicolas, federal expenditures now support Guam’s Earned Income Tax Credit program which the Government of Guam can now expect to save $60 million annually in general fund revenue to be used for other government services. The Guam Legislature was right to pass a “conservative 2022 budget” with the uncertainties facing the Guam economy over the next 12 to 18 months.

Governor Felix Camacho and Senator Tony Ada believe that reducing Business Privilege Tax will help reduce the cost of living for hundreds of Guamanians. The Bureau of Budget Management Research reporting that FY 2022 will end $103.5 Million above target revenue is more reason to reduce the Business Privilege Tax to 4% and relieve our community of the skyrocketing cost of living under the current administration.

Additionally, the Camacho Ada Campaign is aware that agency directors are creating a climate of fear at Government of Guam Agencies stating that the Camacho Ada Team’s plan to reduce Business Privilege Tax to 4% will result in a 32-hour workweek.

It’s unfortunate that agency directors are using government time to spread false information and creating a climate of fear.

When elected, Former Governor Felix Camacho and Senator Tony Ada will roll back the Business Privilege Tax to provide fairness and equity to all tax paying citizens and using the surplus and the approximately $280 Million stagnating at the Bank of Guam on programs that will help Guam’s families and businesses offset the rising cost of living.”