That is how President of the Banking Insurance and General Workers Union, Vincent Cabrera, describes claims by the Bankers Association that increased corporate tax for banks could lead to employment losses.
In a release issued yesterday, the Bankers Association said the new 35% corporate tax will dissuade new investment in the sector and could eventually lead to employment loss.
Speaking to Newspower Now, Mr. Cabrera said the economical reasoning behind the statement makes no sense to him. Mr. Cabrera said the bank is in a much better position than many of their consumers to carry the burden of additional taxation.
He added that while he understands the bank is simply attempting to protect their interests, there are other ways to go about treating with the issue.