What Do You Want Now?

[RandMcnally]

I think they are thinking of removing the optional standard deductions with the new tax rate but since it is still an HB, no info yet. I am wondering though regarding tax jumps. Currently, we have the "in excess of" stipulation in the tax rates to protect from tax jumps. It looks like they are removing it to make it simpler. The only consequence is if you are in the border, if you get an increase that will bump your annual salary from 500k to 510k, you will end up losing 30k approx without the "in excess of" clause. It would suck for a few folks but for the rest, this is fine. Just wondering as well why the range of 500k to 10m, why not at least include a 500k to 2m with 12% tax, then tax jumps is not so big deal. But. I am not complaining.

There was a study last year made by upd econ prof about this, when implemented and remove the standard deductions, the government will earn more money without counting the % of tax evaders that will be enticed to pay when offered a lower tax rate

[Luap]

Too bad boys, abnoy just threw this bill in the garbage!

[shadow]

Too bad boys, abnoy just threw this bill in the garbage!

Where's the link? How can he threw it out, hinde naman siya ang gumagawa ng batas?

[Luap]

He needs to sign it right? Just heard from an AM station this morning

[Luap]

Gov’t rejects income tax cut

[Luap]

Mali dinig ko hehehe. Wala pa pala ayaw na ni Purisima

[RandMcnally]

Too bad boys, abnoy just threw this bill in the garbage!

Sigurado na ba yan o kathang isip mo lang?

Sa huli kong balita, nasa technical working group pa lang ng house commitee to ah. Wala pa nga sa second reading sa house. Mag confirm o veto lang ang presidente pag nakalagpas na ng senado sa pagkakaalam ko. Malayo layo pa yung HB na to di ko alam kung may nagbago. Baka nabasura sa house pwede pero malabo naman mabasura ng presidente yan kasi hindi yan ang legislative process.

Kung totoo nga nabasura na to, that sucks.

[RandMcnally]

Ahhh si purisima, malayo pa labanan, pwede pa yan

[Luap]

Yes, may laban pa!

[dreamur]

It will never fly. The annual budget keeps increasing and if they reduce income tax rates, where are they going to generate additional revenue to recover the cut? Increase VAT to 15%? Customs or PAGCOR?