OPPOSITION ON FINANCE MEASURES

The Opposition is warning that the fiscal measures will further harm the economy.

Transcript

00:00This Minister of Finance has come before this country and has said that he has been diversifying the economy, Mr. Speaker.

00:07Mr. Speaker, I don't know if the Minister of Finance has been looking at the headlines of late,

00:12but all you have been seeing is various business people across this country complaining that he is destroying their industries.

00:20The Minister of Finance is laboring under the false belief that the more he increases taxes in this country,

00:27the more revenues he will somehow generate for his purposes, Mr. Speaker.

00:32Mr. Speaker, that is not the case.

00:34As one of my able allies here said a few weeks ago, there's something called a Laffer Curve, Mr. Speaker.

00:40I think the Minister of Finance may have missed that day in school.

00:44What the Laffer Curve says, Mr. Speaker, there's a Y-axis that says government revenue,

00:50and there's an X-axis that says taxation.

00:53When you increase taxes, revenues increase, government revenues increase.

00:58At some point, Mr. Speaker, you start to see diminishing returns.

01:02Mr. Speaker, you start to see diminishing returns.