Fortune News | Mar 07,2020
Jun 10 , 2023
By Kidist Yidnekachew
I was naive enough to think that the recently levied property tax would not affect me since I do not own a home. Little did I know that the end user always suffers the consequences.
I soon learned that the tax burden would tempt homeowners to raise the ever-increasing rental fee, cornering renters like myself. What does a cornered cat typically do? It finds a way out or readies its claws against its opponent despite the odds being against it.
Consumers will start cutting back on their spending if they have not already. A family that used to eat three times a day would begin to leave out a meal time while those that were struggling to eat once a day would be buried in the pit. This, in turn, will have a ripple effect on the economy, with businesses struggling to keep their doors open.
Economic instability is a prevalent issue caused by inflation and the diminishing value of money. As bustling cafes and people indulging in food and drink can be deceptive, it is important to remember that stagnant salaries make it difficult for individuals to aspire for a better future and drive them to live for the day.
While tax revenue is crucial for building essential infrastructure and advancing a country, some individuals may be exempt from paying due to inconsistent income or low earnings.
It seems unfair in my eyes that a segment of society often relies on pension money or the goodwill of others to make ends meet despite having a home, should be expected to pay additional taxes.
Those who have worked hard to own a condominium house, the ones that were lucky enough to win the lottery or those who relocated due to development projects should not be burdened with additional payments they cannot afford.
I believe that tax revenues are crucial for a country. However, the focus should be broadening the tax base and enforcing existing laws instead of introducing additional taxes. It will only hurt those who are already struggling financially and widen the gap between the rich and the poor.
Not everyone upholds their responsibility. Employees are the only true taxpayers with traceable deductions from their salaries, while the rich keep on getting richer, paying the bare minimum. Leaving out the ones engaged in illicit activities to reduce their tax payment may be attributed to the overwhelming nature of calculations for some.
Individuals are increasingly concerned about accuracy and fairness while looking for ways to better understand their obligations. There is a need for awareness around tax calculations and collection, particularly in light of the current economic climate.
The government should be cautious about its spending as well. It should prioritise infrastructure, human development and poverty reduction over extraordinary projects while the general population suffers to make ends meet.
A meticulous and reflective discussion between the city administration and its residents is necessary to find an amicable solution to the plight. Perhaps leaders should consider putting their feet in the majority’s shoes and truly understand the suffering of citizens.
PUBLISHED ON
Jun 10,2023 [ VOL
24 , NO
1206]
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