Guam Speaker Benjamin Cruz: Increase 'sin' taxes, tax on real property improvements
Speaker Benjamin Cruz recently introduced two measures to increase government of Guam revenues.
Bill 260 would again increase “sin” taxes on Guam. The excise tax on alcoholic beverages would be increased from 7 cents to 10 cents for all 12-fluid-ounce malted fermented beverages and from $18 to $25 per gallon for distilled beverages, according to a news release. Proceeds go to the Healthy Futures Fund, but the measure would appropriate the increases to Guam Memorial Hospital until October.
“Alcohol is a discretionary expense and drinkers will pay what it costs to drink,” said Cruz. “Now that we have stabilized the patient, government must look to increase revenues in ways that are tolerable to an economy. This is one of those ways.”
The news release stated the measure also would increase the tax rate from $15 to $20 for every 100 cigarettes, from 44 cents to 58 cents for each standard cigar, and from $40 to $53 per pound for all other tobacco products.
Read more: https://www.guampdn.com/story/news/2018/03/17/speaker-benjamin-cruz-increase-sin-taxes-real-property-improvements/434350002/