Amid calls to tax the rich, the chairman of the House Committee on Ways and Means on Monday said the panel is studying the imposition of non-essentials goods taxes on several lines of luxury items.
AMID calls to tax the rich, the chairman of the House Committee on Ways and Means on Monday said the panel is studying the imposition of non-essentials goods taxes on several lines of luxury items.
“I can’t target one specific section of the population for what they supposedly own. They will simply apply for foreign citizenship and move their money to other countries that will be happy to take them,” Salceda said. “But wealth induces luxurious lifestyles―what economists call conspicuous consumption. We can slap taxes on those items, since they won’t mind paying them anyway.”
“Generally, the point of the debate will be what can be universally considered ‘luxury,’” the lawmaker said. “To me, it is when an item is beyond reasonable reach of the vast majority of the population and is not necessary for any essential function.” He said that the reforms he has pushed for tended to “take from the rich a fairer share and lower tax rates for everybody else.”He explained that the Train law increased income taxes on the super-rich, but lowered taxes for the rest of the public—some 99 percent of payers of personal income tax.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Republicans want Biden home visitor logs–but not Trump’sThe Republican chairman of the House Oversight Committee on Sunday demanded visitor logs for President Joe Biden’s house in Wilmington, Delaware, after classified documents were found in his office and garage. | Reuters
Read more »
‘My Salinger Year’ validated my larger-than-life novelist dreams - SCOUTIn the 2020 memoir film 'My Salinger Year,' coming to grips with adulthood means dreaming again
Read more »
House hikes AFP budget to P45BThe House of Representatives has increased this year’s budget for the Armed Forces of the Philippines (AFP) modernization program by P6 billion, raising the total new appropriations to P45 billion, Surigao del Sur Rep. Johnny Pimentel said Sunday. READ:
Read more »
Josephine Restaurant to house new dining spot featuring heirloom recipes in TagaytaySad about Josephine Restaurant’s closure? Here’s some news that might lift your spirits. | via philstarlife
Read more »
DOE forms unit to speed up electrification project | Lenie LecturaTHE Department of Energy (DOE) has formed a committee to oversee and speed up the country’s electrification program. “To effectively implement the various issuances, the DOE recognizes the need to organize a new steering committee dedicated to supervise and provide directions in the implementation of various plans and program for…
Read more »