Quotable – January 22, 2018

“I, for one, think the worst tax in the world is a gross receipts tax. It’s hidden, people aren’t even aware they’re paying it. It’s abused — a store can shuffle sales away from a gross receipts tax into the wholesale side of their business.”

 

— Timothy T. Kernaghan, vice president and general manager of Dickerson & Quinn, testifying before a legislative round table on Jan. 16 regarding a proposed bill to help fund Guam Memorial Hospital by eliminating business privilege tax exemptions for the wholesale and insurance industries, as well as change how banks pay their . . .

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