By Gemma Q. Casas
Variety News Staff

THE House of Representatives is considering a measure that will increase taxes levied on individuals earning $60,000 and up annually by as much as 5 percent.
Finance Secretary Eloy Inos said it is about time that highly paid people in the Northern Marianas share more of their money with the cash-strapped government which allows tax rebates of up to 90 percent at the end of each fiscal year, but has stopped paying them on time.
“I don’t see any negative impact from this bill,” said Inos referring to House Bill 15-243 which will impose a 14 percent tax on persons earning $60,000 and above annually. Currently, these people pay only a maximum of 9 percent in taxes.
“This is something that I would support,” said Inos who is paid $48,000 annually. He was called yesterday by the House of Representatives to discuss the bill and the government’s budget.
If H.B. 15-243 becomes law it would also affect Gov. Benigno R. Fitial whose salary is set at $70,000 annually, and Lt. Gov. Timothy P. Villagomez who gets $60,000.
However, both agreed to voluntary have their wages cut by 10 percent following the enactment of the austerity holiday law which imposes a 10 percent paycut on government employees.
H.B. 15-243 will also affect government doctors, lawyers, engineers, judges and justices who are paid above the government’s $50,000 annual salary cap, as well as the heads of various autonomous agencies who are paid more than the governor and the lt. governor.
Inos, however, told the lawmakers to review carefully the language of the bill regarding the nonrefundable tax credit.
He said if there is no provision in the bill that will cap this tax credit, the measure would not increase the government’s revenue.