What? A local government shows a budget surplus? #Guam has a surplus?
How much has GovGuam collected in licenses, fees, and penalties?
Income taxes are tracking to reach $409.7 million by end of 2019, or $35.9 million more than the projected $373.8 million. This includes individual, corporate and withholding tax, with each expected to post higher-than-expected numbers.
Business privilege tax collection is tracking to reach $316.2 million, more than the projected $314.6 million.
But GovGuam’s collection from licenses, fees, and penalties could be at $4.8 million, about $921,000 less than projected.
Lester Carlson, director of the Bureau of Budget and Management Research, told the Legislature the amounts reflected in the report are subject to internal audit and analysis and therefore subject to change.
So let me cut to the chase. Gov Guam, like many state and local governments, complained and blamed President Trump for the Tax Cut that promised a $100 million dollar shortfall. And indeed GovGuam had a $10 million dollar shortfall in FY 2018.
But notice where the surplus is coming from….Income tax. That means more people are making more money which means businesses must be expanding, giving raises, hiring more people. This was exactly the intent of the Federal Tax overhaul that President Trump pushed and passed.
Good on you, everybody that is involved in a positive change for our economy.
#Praise the Lord
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