Roderick Spencer

Member since May 9, 2019

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Roderick Spencer6 years ago How about the Hotels with a Spa and restaurants work with BTA and put on packages where people fly in.. Get tested.. have to stay on the property and get a wellness package for each day with special diet, Spa treatments, group wellness sessions and various workouts from Yoga to gyms..This keeps the guest isolated from the general public, promotes Bermuda as a destination, gives the hospitality industry a boost and helps get a few sectors working.I understand this will not help the retail sector but serves as a small part in our recovery.

Roderick Spencer6 years ago I do not envy his position of the Finance Minister.The plan announced to help Small/Med Business back up missed the mark Government gave BED more cash to loan (add to debt). Why is BED increasing their interest on loans at this time? even if less than the banks it's still more than it used to be.. why not even offer interest free loans on the first half or all of the amount borrowed under X? Suspend (not defer) private pension payments for 6 months, this would cost Government nothing Payroll tax deductions or eliminated (for 6-8 months) for jobs kept after allowed to reopen. Government concessions on cleaning, sterilization and disinfectant items when business reopen. 5. Government to pay employee portion of HIP for all staff a company laid off but keeps insured..How would they pay for these..While not a popular option for a labor government. Cuts to the civil service or place all those not working on the same $500 a week benefit until say 75-80% of business are allowed to open.Look at a tax on company profits over 15% (pick a number) of gross earning. So if 1 million comes in and a profit is seen of $150,000 they pay nothing but if they earn $200,000 a tax on the extra $50,000Millions in lost Government earning is in the area of business not reporting or under reporting of staff earning affecting the payroll tax they do pay. I would suggest a unified payroll system that the government builds and all self employed up to big companies have to enter their pay numbers and generate their payroll. This would ensure correct tax calculations and give the Government instant access to the data. Signing up for this service would be mandatory and cross referenced with BEDC, TCD taxi/company car and trucks, register for LLC, Bank Merchant accounts and imports for businesses.

Roderick Spencer6 years ago Private pension along with Social Insurance is a burden with diminishing returns for the med/lower income bracket. The argument that they need to be forced to save for their later years is valid but done wrong. Social Insurance in it's current format needs to be scraped. What is being put aside and the way it's managed gives returns no better than putting the funds in a low interest bond or even some of the bank offerings.. I would like to see this handled like the Pension plans and allow the younger generation to go into more risky options and the older people can shift theirs into safer areas. Everyone will pay a min into it and can add extra monthly of when they have the money.. People new in the workforce should undergo mandatory money management and investment principals. Private Pension can be scrapped or have different rules for larger companies vs. small/med business. Forcing a company to increase their payroll by 5% causes those struggling not to hire that one extra person and has to be taken into account with any pay increases or new positions. During these new times of struggle this should be put on hold for 6 months or more. Business owners - Dividend tax needs to be removed for all small/med business owners. many struggle early and pay lots of money out of pocket to get the company started. these people are creating jobs and once they see success and reward themselves or those who believed in them with financial assistance it shouldn't be taxed. Payroll benefits that are taxed like bonuses.. I understand the concern with big CEO taking more home in a bonus than a pay check but small/med business owners and staff gets killed with this. If the company does well and the owners wants to reward people with a little extra in the bank why add a tax to discourage this and often this could push someone into a different tax bracket and cost them. Just a few to start..Roderick Spencer