Guam Speaker's cost-cut plan draws mixed reactions
Speaker Benjamin Cruz's "dear colleague" letter on a projected $145 million budget shortfall for fiscal 2019 is drawing mixed reactions from senators.
One senator said the benefits of the federal tax cuts would eventually find their way back to the government of Guam.
"The people have been clear, and we should let the tax cuts work. Mr. Speaker, the $145 million doesn't disappear, it goes to our people," Sen. Fernando Esteves said in a Monday letter to the speaker.
Adelup and the Legislature revised the projected impact of the federal tax reform law on GovGuam revenue up, to anywhere between $120 million to $160 million. But the tax reform also means more disposable income for taxpayers and less taxes that businesses have to pay.
Read more: https://www.guampdn.com/story/news/2018/07/10/speakers-cost-cut-plan-draws-mixed-reactions/770442002/