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Guam senator pushes for new tax code

Guam senator pushes for new tax code

Guam Sen. Mike Limtiaco wants to separate Guam from the federal tax code and create a new tax code for the Pacific island territory.
The Pacific Daily News (bit.ly/10gT9ip) reported Tuesday that the Republican senator from Tamuning says a new tax code could save the island tens of millions of dollars.
Limtiaco says the government of Guam owes taxpayers $45 million for federally-mandated earned income tax credits. He says Guam is forced to cover the cost of the tax credits, which are intended to help the working poor, through local tax revenue.
The lawmaker says he asked the Guam Legislature on Monday to convene a group to study the issue.
The federal government gave Guam the ability to start its own tax code in 1986, with some restrictions.
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Updated : 2021-10-24 11:47 GMT+08:00