The recently released World Bank report titled ‘Taxing Wealth for Equity and Growth’ has made a number of pointed observations regarding the state of the economies of countries in the Caribbean which direct attention to the strides that it has made in managing inflation and stabilizing its macroeconomic environment. At the same time the report points to the need for governments in the region to reconsider how their tax regimes can “best generate revenue while stimulating growth and advancing equity.”
Chief Economist for the Latin America and the Caribbean region at the World Bank William F. Maloney is calling for a reduction in “the tax burden on the productive sectors” in Latin America and the Caribbean asserting that “this is a good time for the region to reconsider how its tax systems can best generate revenue while stimulating growth and advancing equity.” Contextually, the Bank is calling for countries in the region to pursue a reduction in “the tax burden on the productive sectors.” The report examines different options that countries might pursue, taking what it describes as a “deeper dive on wealth taxes to generate fiscal space, equalize incomes, and stimulate growth.”