Angara: 'Outdated' system makes middle class pay same taxes as billionaires

[jut703]

Tagal na 'to. I think it was over 2 months ago when Angara was interviewed by ANC on this.

Unfortunately, hindi yan gagalaw. The government does not want to move towards laissez-faire. Sabi nga nila, unless the collections will be equal to or greater than the current system, this law won't pass.

I would personally want a smaller government, where our GDP is driven by domestic consumption instead of government spending (GDP = Consumption + Investment + Gov't Spending).




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[shelu]

this is long overdue. middle class religiously pay their taxes, whether they like it or not. it's witheld from their employers. very unfair because we, middle class, are paying taxes literally 30 percent of what we earned. eh si henry sy ba, 30% ng kita niya, binayad ba niya sa gobyerno as tax? isa pang ipinagpuputok ng butsi ko, napunta kay napoles, mga senador, tongressman ang buwis natin. bit OT but i will campaign for duterte for president na talaga, mag declare siya ng martial law at ang pinakaunang declaration, abolish congress.

[funkeemunkee]

Bukod sa napakaraming klase ng tax sa Pinas, napakataas pa ng income tax rate. Magandang panukala, wag sanang papogi lang in aid of reelection. Lower income taxes would mean more disposable income for the working class, and this could shore up consumption and have a positive effect on GDP.


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[CVT]

Yes! Keep the money in the free market for the people to spend.....

32%income tax plus 12%evat on taxed money is just too much!!!

[_Qwerty_]

Only if this can be approved ASAP.. kahit presidente boboto ko sya!

Angara: 'Outdated' system makes middle class pay same taxes as billionaires

Angara’s Senate Bill No. 2149 seeks to adjust and compress income tax brackets, and reduce the maximum tax rate from the current 32 percent to 25 percent by 2017.

If enacted, the country’s top income tax bracket will be pegged at over P1 million (equivalent to US$22,000) and taxed 25 percent by 2017.

Tax-deductible college tuition, other fees sought

With Angara’s proposed bill, a parent, or any person exercising parental authority, who shoulders the college tuition fees and other expenses, will be allowed a deduction of not more than P40,000 for each dependent not exceeding 4 for the taxable year.

[_Cathy_]

Interesting link:

ALCULATOR
How much less income tax would you pay if reform bills are passed?
October 9, 2014 2:11pm

Three measures are currently filed in the Senate to lower the income tax rate. How much less would you pay in income taxes if any of the three measures are passed? Check out in the calculator below.

CALCULATOR: How much less income tax would you pay if reform bills are passed? | News | GMA News Online

Sample Gross Monthly Income of P70,000 for Single, Private Employee with NO dependents:

Under the current tax system, you would pay P17,791.98 in taxes monthly, leaving you with P51,089.22.

Under Senate Bill 716 filed by Sen. Ralph Recto, you would pay P15,247.69 in taxes monthly, leaving you with P53,633.51, a difference of P2,544.29.

Under Senate Bill 1942 filed by Sen. Bam Aquino, you would pay P15,247.69 in taxes monthly, leaving you with P53,633.51, a difference of P2,544.29.

Under Senate Bill 2149 filed by Sen. Sonny Angara, by 2017, you would pay P12,278.86 in taxes monthly, leaving you with P56,602.34, a difference of P5,513.12.

Gross Income: P70,000
Less Deductions: P1,118.8
- SSS: P581.3
- Pag-Ibig: P100
- PhilHealth: P437.5
Net Taxable Income: P68,881.2

It's not that huge a difference din pala. Akala ko ba pag 70k and below bababaan ng maigi ang tax?

[jut703]

5k per month is already enough to pay for all my communication utilities (phone bill, internet, cable).

I like it more than nothing. Baby steps.

Back in college, Angara was a no-no because of the issue with the Casiguran farmers but his good performance as senator today makes me rethink that stance.



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