Letter: A bag of rocks for a bag of gold

POSTED: 01/9/13 11:03 PM

Those of us that have ever bought timeshare know that just like our government, it’s a Ponzi scheme, and timeshare salesmen are con artists knowingly selling a product that has absolutely no return on investment. Timeshare owners are charged very hefty yearly association and maintenance frees. Today, with the yearly fees charged to so-called owners, one can stay in any five-star hotel for a week anywhere in the world. The sales people paint a pretty picture of how great an investment it is. When one buys timeshare and tries to resell, they only get back pennies on every dollar invested, if they are lucky. They usually do all the talking and apply extremely high pressure sales tactics to close the deal, while not letting buyers know that they can expect no return on investment when closing the deal.

You are now asking, how does our government fits into being con artist and running a Ponzi scheme? Here’s how. Every middle class worker pays between 35 to 48% in direct income tax and another 45% in indirect taxes and government fees, so everyone is in a tax bracket of between 65 to 85% of income earned. The turnover tax alone is 15% on the wholesale end and another 15% on the retail end of all goods subject to the turnover tax. Remember well, the turnover tax is on gross not on profit, so merchants have to add approximately 15% on the wholesale and on the retail end of the product to cover the cost of the tax and make their profit of 33.3% or whatever their figures are to cover all operating cost and make a profit on their investment.

That’s not all folks, over a third of the price of all oil products landing on St. Maarten including gasoline and propane (cooking gas) is taxed with a direct import duty tax, plus, I was made to understand that turn over tax is again added to the wholesale and retail of all oil and gas related products. Government is making much more on oil products than the oil companies who extract it from the ground, the refineries who refine it and the retailers who sell it at the pumps all put together.  Some banks are also charging 2% foreign exchange tax on dollar deposits, 1% on deposit of US dollar checks and another 1% on withdrawal.

The people’s patrimony: politicians love using this word to fool the people on who owns government companies: the port, the airport, St. Maarten Telephone, Gebe and all other 100% government-owned companies. They are used for two reasons. One, to buy votes by creating fictitious jobs for political friends, family and cronies and, two, as ATM machines for the elite ruling class. If you don’t pay your phone or electric bill at the end of the month, you will be cut off, and if you don’t pay your airport tax to the airport when leaving, you will not get on the plane. When did anyone of us receive for the last time profit sharing at the end of the year?

Now, all 100% government-owned companies should and must publish their yearly financials with a profit and loss statements in all local newspapers, after all they are 100 percent public companies and under good governance, the public has a right to see and know what these companies are doing with their money. Until then, they are just running a Ponzi scheme like the timeshare salesmen, selling us a bag of rocks for a bag of gold. We should now demand the removal of government from all fields of private enterprise except where necessary to develop public works and natural resources in the common interest

Peter Gunn                      

Did you like this? Share it:
Letter: A bag of rocks for a bag of gold by

Comments are closed.