Manila, Philippines – During crisis situations, why is the burden always placed on the shoulders of the ordinary and poorest Filipinos?
This was the question of progressive group Makabayan for the government, especially amid the crisis in oil prices–with the transportation sector carrying the heaviest burden.
With this, the group condemns the Marcos Administration over “protecting” oil companies and rich people, all while neglecting ordinary Filipinos pressed in between high oil prices, high electricity costs, and high daily expenses.
The group further argued that the government is quick to increase taxes on ordinary Filipinos but steps back when demanding tax from big companies who earn more fortune.
In aim of removing the burden from ordinary Filipinos, the Makabayan bloc in Congress pushes House Bill 8123 or the Billionaire Wealth Tax bill seeking annual tax from the richest people and giving them more social responsibility especially during crisis situations.
Under the bill, billionaires will be taxed annually: 1% tax for those with over P1 billion wealth; 2% to those who have over P2 billion wealth; while 3% tax for those with over P3 billion fortune.
Makabayan Bloc cited IBON Foundation’s research stating that from 3,000 billionaires in the Philippines, P508 billion tax can be generated, P289 billion of revenue from the 50 richest Filipinos alone.
This shall be applicable to all citizens, resident or non, resident aliens or non, required with mandatory wealth self-assessment and penalties over misdeclaration of net worth.
The group said that the funds from these taxes may be used to fund substantial resources for social needs, without putting the responsibility on the shoulders of ordinary Filipinos.
They urged the Congress to swiftly act on the bill as it is time for the rich to have more social responsibility for the country.–Mia Layaguin, Eurotv News