Carl Peterson warns about impacts tax hikes - KUAM.com-KUAM News: On Air. Online. On Demand.

Carl Peterson warns about impacts tax hikes

Posted: Apr 12, 2018 1:02 PM Updated:

A local businessman warns about the individual financial implications of raising taxes. In a wide-ranging speech before the Northern Guam Rotary Club, Money Resources president and financial adviser Carl Peterson spoke out against bigger government, and raising taxes.

"In your own life, tax has a huge consequence being able to accumulate wealth. It's really tough when you calculate it out. You think it's not much - that's why it's in small increments - but it is a huge consequence," he warned.

"Politician says 'We gotta do it for the people', but literally every law increasing the increases the cost to the little guy disproportionately more. So if the price of tuna goes up a dollar, the guy who makes a $100,000 doesn't notice it quite as much as the guy who makes ten. Big difference right? Ten times difference," he said.

Peterson says tax increases always hurt the little guy worse.  He says corporations don't pay taxes, they collect it from the products and services they sell. He also had stern warnings about the GovGuam Retirement Fund's unfunded liability of $1.2 billion.

He says many free exemptions through the years have ballooned the amount, which eventually has to be paid.

  • NEWS HEADLINESMore>>

  • 3 arrested in robbery near Tamuning restaurant

    3 arrested in robbery near Tamuning restaurant

    Three people are accused in a Sunday night robbery and purse snatching in the parking lot of a Tamuning restaurant. Roy Craig Guerrero, 33, Cameron Guerrero, 26, both from Agana Heights and a 16-year-old-boy each face charges of robbery, theft of propertyMore >>
    Three people are accused in a Sunday night robbery and purse snatching in the parking lot of a Tamuning restaurant. Roy Craig Guerrero, 33, Cameron Guerrero, 26, both from Agana Heights and a 16-year-old-boy each face charges of robbery, theft of propertyMore >>
  • No plywood, no problem: man gets permission to use political signs as shutters

    No plywood, no problem: man gets permission to use political signs as shutters

    Hunkering down and securing properties before the onset of Typhoon Mangkhut, Guam residents were serious about storm preparations. It was no different for Robert Vasquez, a local teacher who came up with a rather interesting way to secure his home. It wasMore >>
    Hunkering down and securing properties before the onset of Typhoon Mangkhut, Guam residents were serious about storm preparations. It was no different for Robert Vasquez, a local teacher who came up with a rather interesting way to secure his home. It wasMore >>
  • New lawsuit files alleging molestation by priest

    New lawsuit files alleging molestation by priest

    Mediation talks may have started on Monday, but the lawsuits continue to be filed. The latest complaint comes from a 68-year-old man only identified by his initials, J.W. He alleges he was molested by Father Louis Brouillard at the Malojloj parish and FatMore >>
    Mediation talks may have started on Monday, but the lawsuits continue to be filed. The latest complaint comes from a 68-year-old man only identified by his initials, J.W. He alleges he was molested by Father Louis Brouillard at the Malojloj parish and FatMore >>
Powered by Frankly