Sen. Marcos urges Malacañang: Give low income taxpayers a break
Bersyon sa Filipino.
“Give our low income taxpayers a break.”
Senator Ferdinand “Bongbong” R. Marcos, Jr. aired this appeal to Malacañang after congressional leaders bared about a last-ditch effort to convince the Palace to agree to a proposed income tax reform seeking to lessen the tax burden and make the system more equitable.
Following Malacañang’s rejection of proposals to revise the tax brackets, leaders of the House and the Senate sought an audience with the President in the hope of getting his support for an alternative proposal to peg the tax rate on inflation.
“We have to remedy the current situation where low and middle-income tax payers are paying tax rates intended for high earners. Malacañang should reconsider its hard-line against tax cuts,” said Marcos.
He said the out-dated income tax system is one of the reasons why according to recent reports the Ph7ilippines ranked lower in this year’s Prosperity Index, dropping to 74th compared to last year when we placed 67th in the ranking despite the country’s good economic indicators.
“Many of our countrymen feel the economic growth is not inclusive, that it mainly benefits the rich. Giving our low income earners a respite from heavy tax burden is one way to address this concern,” said Marcos.
In addition to paying high tax rates Marcos said low income earners face the additional burden of increasing prices, including those of basic necessities.
He noted that according to the September 2-5 survey of the Social Weather Stations, hunger incidence in the country has worsened to 15.7 percent or an estimated 3.5 million families experiencing “involuntary hunger” at least once in the past three months from 12.7 percent or 2.8 million families in June.