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Federal tax reforms discussed by female business leaders

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The looming fiscal crisis continues to be a heavily discussed public topic. The Guam Women's Chamber of Commerce hosted a panel discussion on the implications of the Trump tax reforms.  Public Auditor Doris Brooks says while corporations and individual taxpayers are the winners, the government is the big loser.

"States increased tax revenues to the tune of just under $9 billion. 13 states decreased expenditures to the tune of $1 billion," she stated.

She predicts that GovGuam will also have to come up with a combination of raising taxes and cutting expenditures, involving a similar ratio. She adds that government cutbacks might also filter out to the broader economy.

"Wven a 32-hour workweek is going to have a ripple effect on the economy. People may not be able to pay their debts, they won't be able to go out to restaurants. People won't be able to save for trips. It's going to have a negative ripple effect."

Other panel recommendations include spending resources to qualify for millions in federal matching funds whenever possible, and making sure the cost saving measures by one government agency don't create cost increases to another.

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