Jubilee Secretary General Jeremiah Kioni has opined that it is time for President William Ruto to tax wealth and not income.
Speaking on Thursday during an interview on TV47, Kioni said overtaxing income is making Kenyans poorer than they already are.
"This is the time to move away from taxing income to taxing wealth. Even if we have difficulties as a country, you can never overtax your people to a point they can become poorer," Kioni said.
"As Kenyans, we must start asking ourselves, what does it mean to tax wealth?" Kioni posed.
He said businesses across the country are now shutting down due to the high taxes making it difficult to run their day-to-day activities.
Kioni said it is key to have a balance in taxing so as not to overburden Kenyans.
"Balance your budget. Balance your ability to raise income and your ability to spend. This is a principle that must be practiced across the country," Kioni said.
This comes after President Ruto said he intends to raise the country’s average tax rate from 14 per cent to 16 per cent by the end of 2024 and aims for between 20 and 22 per cent by the end of his term in office.
"My drive is to push Kenya, this year we will be at 16 per cent. I want in my term, God willing, to leave it at between 20 and 22 per cent," Ruto said.
"It's going to be difficult, I have a lot of explaining to do, people will complain but I know they will appreciate. We have to begin to live within our means."
Ruto defended the government’s plan to impose additional taxes on Kenyans, stating that it’s the only way to get the country out of debt.
"I am not going to preside over a bankrupt country, I am not going to preside over a country that is in debt distress. We have to cut our spending," Ruto said.
He spoke on Tuesday during an agreement with the Havard Business School students on Africa’s trade and investment potential.
