Feature: Tax Cut for EveryJuan: Congressman Miro Quimbo

Cong. Miro Quimbo of Marikina filed HB 20 or An Act Restructuring the Income Tax Imposed on Individuals. This is the onset of the quest for income tax reform under the new administration.

Quimbo's HB 20 seeks to adjust the individual income tax brackets to inflation, thus reducing the tax burden of more than 6 million Filipino workers.

#TaxCutForEveryJuan
#TaxReformNow

Tax Fact#1
#TaxFactsDID YOU KNOW? In 2013, Salary Workers shouldered 85 percent of Php236 Billion pesos collected by BIR from individual taxpayers. Considering that 72 percent of salary workers are tax-exempt minimum wage earners, only 16 percent or 6.3 million workers pay for almost all of the income tax payments being collected by BIR!#TaxCutForEveryJuan#TaxReformNow

Tax Fact #2

DID YOU KNOW?
Because the process of tax payments is complicated, tedious, and time-consuming, only a handful were able to pay taxes in 2013. Complicated procedures promote non-compliance and become a breeding ground for corruption. In the end, government loses billions of pesos in foregone revenue.

The 2012 Family Income and Expenditure Survey (FIES) showed that only 41 percent of Professionals and only 30 percent Self-Employed Professionals were able to pay taxes in 2013. This is most unjust considering that almost all ordinary salary workers dutifully pay their taxes.

#TaxCutForEveryJuan
#TaxReformNow
#TaxFacts
#TMAPhils

Tax Fact #3:

DID YOU KNOW?
Another problem with our current tax system is INEQUITY

Two (2) individuals- a salary worker and a businessman/entrepreneur, they both earn P700,000 but pay different taxes.

Data show that an ordinary salary worker pays 28 times more income taxes than the professional and self-employed entrepreneur. Same income but different taxes!

#TaxCutForEveryJuan
#TaxReformNow
#TaxFacts
#TMAPhils

Tax Fact #4

OUR FIGHT FOR TAX REFORM CONTINUES: May mga laban na hindi dapat binibitawan

Dahil nakapako pa rin sa salary levels nuong 1997 ang income tax brackets natin, natutulak ang mga empleyado sa mas mataas na tax bracket. Mas tumataas  nga ang sweldo ng ordinaryong kawani sa paglipas ng panahon, ngunit tumataas din naman ang binabayarang buwis. Sa kahulihan, halos napupunta lang sa pagbayad ng buwis ang dagdag niyang sahod.

#TaxCutForEveryJuan
#TaxReformNow
#TaxFacts
#TMAPhils

Tax Fact #5

TAX NA TAPAT : Our initial proposal is to update the tax brackets to inflation from 1998 to 2015 Consumer Price Indices (CPI).

The new tax brackets will push back taxpayers to lower brackets, reducing their tax payments and effectively increasing their take home pay.

This is but a first step. With the approval of this measure, we will then proceed to the reduction of the rates themselves.

#TaxCutForEveryJuan #TaxReformNow
#TaxFacts
#TMAPhils

Tax Fact #6

HIGHER TAKE HOME PAY: Sa mas pinababang buwis, mas malaking sweldo ang maiuuwi ni Juan dela Cruz sa kanyang pamilya – dagdag panustos sa pagkain, gamot, pampa-aral sa mga anak o pandagdag ipon.

#TaxCutForEveryJuan
#TaxReformNow
#TaxFacts
#TMAPhils

Follow Congressman Miro Quimbo:
www.facebook.com/attyquimbo