Lower income taxes now
By Satur C. Ocampo
Aiming to convince President Aquino to drop his opposition to lowering income taxes, Speaker Feliciano Belmonte Jr. told journalists the House leadership is determined to legislate such reduction – at least one of the pending proposals – before the 16th Congress winds up next June.
The Speaker singled out one proposal for passage by Congress: to adjust the various levels of taxable income to inflation.
When they talk to P-Noy, as Belmonte said he and Senate President Franklin Drilon would do, they should not go for just one aspect of income tax reform. They ought to push for a progressive tax regime that should effectively shift the burden from the lower-income earners to the highest-income corporations and individuals.