Guam leaders propose Bill 11-38 to reduce Business Privilege Tax to 4%

In the heart of Guam's legislative chamber, a call for fiscal responsibility echoed through the air as Senator Christopher M. Duenas addressed a gathering of lawmakers and community members. The atmosphere was charged with urgency as discussions centered on the pressing need for government reform and economic revitalization.

Senator Duenas emphasized the importance of examining government spending and streamlining programs to eliminate waste. "Fiscal responsibility starts at the top," he declared, urging leaders to recognize that the private sector cannot be viewed as an endless source of revenue. His remarks set the stage for a pivotal discussion on the Business Privilege Tax (BPT), which he proposed reducing from 5% to 4%.

"This reduction is not just a matter of fairness; it is a sound economic strategy," Duenas explained. He argued that lower taxes would incentivize business investments, expansion, and hiring, ultimately leading to wage growth and price stability. A thriving private sector, he noted, would enhance tax compliance and boost overall revenue collections, creating a cycle of economic growth that benefits the entire community.

The senator's passionate plea was underscored by a reminder of the promises made to the people of Guam. "The increase to 5% was supposed to be temporary," he stated, warning that failing to honor this commitment could erode public trust in government. He framed Bill 11-38 not only as good policy but as a fulfillment of a long-overdue promise to the people.

As the meeting progressed, the senator called for collective action, urging his colleagues to support the bill. "Let's put Guam's economy on the right path," he urged, advocating for a lighter burden on the business community. "Let’s return the BPT to 4% and allow our private sector and our people to breathe again."

The discussions at this public hearing highlighted a critical moment for Guam's economic future, as leaders grappled with the balance between fiscal responsibility and community trust. The outcome of Bill 11-38 could very well shape the trajectory of the island's economy, making it a focal point for both lawmakers and residents alike.