MANILA, Philippines — With three weeks left before Congress goes into recess, the Senate is rushing the approval of a long-awaited measure that seeks to exempt minimum wage earners from paying the income tax.
But with the inflation since 1997, the brackets in the progressive tax table definitely needs as much adjustment as the personal exemption. Otherwise, it would just be like saving the lowly taxpayers a meal a day when they eat three times a day.
[adsense]And, oh come on, could you please stop mentioning about that “revenue loss” for the government. I’m not even sure whether it’s “probable that economic benefits will flow” to the Filipino people anyway. That’s the revenue recognition principle, you know! 😀