TAX WEALTH OF BILLIONAIRES, MAKABAYAN BLOC URGES

The Makabayan bloc in the House of Representatives on Monday filed a bill seeking to impose additional tax on the country’s billionaires.

Under House Bill No. 10253, or the “Super Rich Tax Act of 2021,” the six lawmakers from Bayan Muna, Gabriela, ACT Teachers and Kabataan want the collection of individual wealth taxes of 1 percent to 3 percent from billionaires with taxable assets of one billion or more.

Finance Secretary Carlos Dominguez III, however, immediately shot down the proposed tax.

Dominquez told reporters Monday night that imposing higher taxes on the ultra-rich would “drive capital out of the Philippines.”

The lawmakers proposed that a tax of 1 percent on wealth above P1 billion, 2 percent on wealth above P2 billion and 3 percent on wealth above P3 billion be imposed on billionaires.

The revenues collected will be earmarked for social services such as health programs and other services for the poor.