GRT SPEECH Thank You Mr. Speaker. Mr. Speaker and Representatives of the 24 th Guam Youth Congress Resolution No.
is simply asking our senators to repeal the increase in the Gross Receipt Tax. Mr. Speaker our island is in tough economic times, our tourists numbers our dropping and our island has been devastated by typhoons. Mr. Speaker I feel that the raise in the GRT will only further burden the people of Guam. You may say Well our government is in a financial crunch where will we get the money.
There are alternative solutions to this problem. We could raise our property tax. If you didn't know Guam's property tax is very low, you could double maybe even triple it and it will be affordable. Many of you may be thinking well the GRT increase is only a difference of 2 cents more of every dollar that's not much. To all of you who make think that I ask you think in long terms and not short terms. Imagine a business must pay six percent of 10, 000 dollars they would have to pay 600 dollars but with the GRT at 4 percent they would only pay 400 dollars a difference of 200 dollars.
The GRT will move the economy downward in the longer period. The increase will result in private clinics having to pay much more for medical supplies and equipment, and as well, the increase also results in practitioners paying more as far as professional fees. Mr. Speaker I believe that the increase in the gross Receipt tax was a mistake. Mr.
Speaker and Representatives of the Twenty-Fourth Guam Youth Congress I ask you today to stand in support of this resolution. Thank you.