President Ferdinand Bongbong Marcos Jr should tax billionaires instead of imposing new taxes on the public, an economic think tank said on Wednesday. As the government mulls new taxes to raise reve…
President Ferdinand Bongbong Marcos Jr should tax billionaires instead of imposing new taxes on the public, an economic think tank said on Wednesday.
“There are so many options in terms of raising resources for social assistance and stimulating the economy, like realigning budget items for different intent and proposing new taxes on wealth, but if the government does not break away from its old ways of thinking, the old problems will persist,” IBON Foundation executive director Sonny Africa said.
Marcos should also present urgent solutions to economic challenges during his first State of the Nation address on July 25, Africa said. He said among the present concern the president should address is unemployment which was at 6 percent in May or equivalent to 2.93 million jobless Filipinos.As inflation further quickened to 6.1 percent in June, IBON said the government must also provide cash assistance to households, substantial wage hikes and subsidies. Marcos should also remove excise tax on oil, ensure affordable and reliable transport and support agriculture and small businesses, IBON said.
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