Sen. Marcos confident next admin will be more open to proposed income tax cuts

26 November 2015

Bersyon sa Filipino.

Senator Ferdinand “Bongbong” R. Marcos, Jr. is confident the next administration will be more open to proposals for tax cuts that Malacañang consistently rejected.

"I can't understand the refusal of Malacañang to support the tax reform measure when the Administration has been consistently under spending billions of pesos over the years, citing reports saying the government underspent a total of over P600 billion from 2011 to 2014," Marcos emphasized.

Marcos supports the proposed tax reform, clarifying that with the out-dated tax brackets many middle-class tax payers are paying the same tax rate as the rich.

Proponents of the move gave up after the President rejected last ditch efforts to seek Palace support for the proposed tax cuts, branding it as a mere “papogi” bill.

“I think we have not seen the last of the proposal; I believe it will be revived under the next administration which will be more receptive to such proposal. There are many things we have to address in our fiscal policy under the Tax Code,” Marcos assessed.

The Senator said that in rejecting the proposed tax cuts the Administration lost an opportunity to alleviate the plight of many Filipino tax payers who are already groaning under the heavy tax burden.

“Why do we need a bigger revenue collection when the funds remain idle? And we’re talking here of funds already appropriated. We need to strike a balance between our needs and our revenue collection targets,” Marcos concluded.