Majorca is blessed with sun, sea and sand, however so are many more places which are easily accessible these days on cheap flight tickets.
The small island of Majorca, by its very nature, will not be able to compete on cost with mainland Europe, India, Africa and America. I would suggest Majorca needs to build on what makes it special, mountains, cuisine, island culture. The sea and sand are the same the world over.
The cycling, hiking, flora, fauna, fincas and windmills are available in fewer locations. As an outdoor enthusiast I'd like to see Tourist Tax money spent on conserving or reestablishing ancient tracks, agricultural methods, making ancient Majorcan culture accessible. I was surprised how much Majorca is just a tourist culture and had lost its own identity. Having visited many destinations world wide, with and without special taxes the paltry tourist tax does not put me off in the slightest.