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Governor Lou Leon Guerrero urges keeping business tax at 4.5% as budget safeguards services
Summary
In her State of the Island address, Gov. Lou Leon Guerrero defended a budget that keeps the Business Privilege Tax at 4.5%, saying a further cut to 4% would cost Guam more than $40 million and risk essential services despite recent fiscal gains.
Governor Lou Leon Guerrero told the 30th Guam Legislature she submitted a budget that keeps the Business Privilege Tax (BPT) at 4.5% and prioritizes essential services, arguing a rollback to 4% would remove more than $40,000,000 in revenue at a time the administration says the island must protect core programs.
The governor opened her address by noting a string of fiscal improvements: unemployment near a record low of 3.2%, annual debt service reduced from $92,000,000 to $65,000,000, and what she described as turning an $83,000,000 deficit…
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