Financing Stimulus

From "Suggestions to stimulate economic recovery for Bermudians once Shelter in Place ends"

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Refinance existing government debt/raise new debt through tapping the local Bermuda dollar market and issuing Bda denominated debt to local investors. FX risk is eliminated and, given we have control over this currency, we can inflate to reduce this debt burden in future if needed. This will cannibalize bank deposits. So be it. Banks have no offered competitive savings rates for a long time.
Cut payroll tax and plug the gap with tax on rental income. When trying to increase productivity and stimulate growth, it makes no sense to be taxing labour and supporting rentier extraction. To those that say no system exists for collecting rental income, it does. Require any new leases that are not holiday rentals to be registered with the land registry. This will provide a data set for government to determine if owners are not assessing to tax.
Immigration Reform. Enough has been said on this. After the damage wreaked by this pandemic, and the possible expatriation of existing migrant workers, it should be a no brainer and will be necessary to replenish the labour force on the island.

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