Dear Sir:

The Minister has indicated that he has estimated $83 million in taxes from direct income. That does not include domestic servants’ income and income of other lower paid employees because they will not be taxed. That implicitly means that the taxable income base is conservatively in the area of 1 billion dollars.

How much of the 1 billion dollars is being earned by Caymanians?

How many individuals earn 80% - 90% of that income?

Who are those people?

How many individuals earn the last 10% - 20%? Who are those people?

When you make those calculations you will see that a very small number of people have influenced our LOGB into making a decision which is purely in the best interests of a very small minority, while the majority of us are left holding the bag.

If the G20 have their way, and we have to look for other ways to make money, will the masters of our tax haven be able to create a new system which pays them the same rewards?

I think not. If they could, they would already have the plans on the table and we would be seeing them move in another direction, instead of fighting for an increasing share of a decreasing market.

We need to take the conservative approach and assume that the G20 will have their way. We need to increase our cash reserves via the way England proposes, so that we can have a cushion to bring us into a new financial era.

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May God bless us all.

George P. Samuels, CPA
Caymanian for Caymanians (CFC)