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In the past 14 years, Trinidad and Tobago has operated without the collection of property taxes from its citizens, with the last instance occurring in 2009. While recognising the Government’s need to generate income, I am concerned about the inefficiency and incompetence with which they manage already collected funds.
Media headlines frequently expose instances of public fund mismanagement and wastage, prompting a pertinent question: before adding further financial burdens to citizens, shouldn’t the Government address these issues of inefficiency and incompetence? If you’re trying to keep water in a tank, doesn’t it make sense to repair the leaks first?
So, rather than burdening citizens with additional property taxes, the emphasis should be on ensuring competence; implementing effective systems, processes, and procedures within the Government.
Of particular concern is the impending burden on the “Baby Boomer” demographic due to the proposed property tax legislation. This demographic, either retired or on the brink of retirement, faces a significant reduction in income. It raises a critical question: why would a government deliberately impose property taxes on assets owned by retirees? Often asset-rich but cash-poor, retirees have dedicated years of hard work to home ownership and should not be subjected to additional financial strain during their retirement years.
Post-retirement, reduced income already places retirees in a precarious position, struggling to meet monthly expenses such as water bills, electricity bills, and home maintenance. The introduction of property taxes to their financial obligations could potentially force many retirees to contemplate selling their homes simply to make ends meet.
Let’s not forget that the children and grandchildren of those Baby Boomers may witness their elders lose the assets, for which they worked decades, to a government which will be perceived as grossly incompetent. Do we believe these intelligent young people will still be “red and ready”?
A viable solution to this dilemma is to advocate for “axing the tax”, with Baby Boomers leading this transformative initiative. The proactive involvement of the Baby Boomer generation has the potential to catalyse positive change within our country.
The primary focus should shift towards responsible governance, emphasising efficient resource management and prioritising the well-being of retirees who have made substantial contributions to society.
Before imposing any financial strain on this vulnerable demographic, it is imperative to address the broader issues at hand. Let us collectively strive for a government that ensures fiscal responsibility and places the welfare of its citizens at the forefront of policy making.
Dennise Demming
Diego Martin
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