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

Carl Peterson warns about impacts tax hikes

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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.

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