BAYAN MUNA: ADDITIONAL TAXES MORE THAN LOWER INCOME TAX SAVINGS
Group says professionals will have to shell out 30k more with tax reform package
Bayan Muna Rep. Carlos Isagani Zarate today hit the recently passed tax reform package saying that the proposed bill will effectively wipe out any savings by professionals from the lower income tax.
"In our study, we found out that even without the additional expenses in education, water bills, some toiletries etc., a professional earning P25,000 a month with three (3) dependents would have to shell out P29,828.80 annually or around P2,500 monthly because of the additional taxes caused by the tax reform package," said Rep. Zarate, citing data coming from the Department of Finance (DOF), Department of Trade and Industry (DTI), the Philippine Statistics Authority (PSA), industry insiders and from Senate Ways and Means Chairman Sen. Sonny Angara
"If the lower income tax savings for a professional is P20k annually, then he or she is still P10k poorer with the tax reform package," Rep. Zarate added.
"Nagbigay sa kaliwang kamay pero binawi naman ng sobra-sobra sa kanang kamay. Mabuti pa sigurong hindi ginalaw ang tax system sa ngayon dahil kung ito ang epekto sa isang middle class individual, ay di mas lalung pahirap talaga ito sa mga mahihirap, dahil sila naman ay walang savings sa lower income tax pero sasaluhin nila ang mga pagtaas ng mga presyo," added the progressive solon.
"Hindi naman din uubra yung sinasabing social benefit card dahil lahat ay tatamaan ng pagtaas ng mga presyo at di naman lahat bibigyan ng subsidy," said the Davao-based solon.
"We are calling on our people to strongly express their opposition to this anti-poor bill and participate in protest actions against it. We are also calling on the senators to junk this bill since it is clearly another heavy burden to our already overtaxed and underserved people. Otherwise, they will have to suffer the political backlash from our people," ended Rep.Zarate. ###