Pinas Pulpolitika

[tk421]

So they just passed the new tax law... which means higher take home pay but higher price on commodities. Basically if you fall in the bracket where you are tax exempt, you are screwed because not only do you not benefit fron the new law, youll also have less buying power... except on milk and coffee.

[rooster69ph]

You are correct TK. Low income earners which i think comprises quite a big number of the total labor force would have little or no effect. This will mostly benefit mid income earners and penalize the high income earners.

 

But lets face it in the corporate world high income earners do have a way of managing their taxable income such as having part of it it appear as representation or allowance just not to be taxed. Yun maliliit actually ang walang ligtas sa buwis kasi up to the last centavo deklarado ang totoong sweldo niyan.

 

But how many people are able to scrutinize

[tk421]

Talk about wasting tax payer money. Asan yun mga kongresista nun nagbotohan para sa tax bill?

[perfectstranger]

mid income earners have been on the losing end for a long time and big income earners enjoyed their advantage for years so tax reform is better late than never.

 

the only real losers here are those who just recently became rich. they suffered in the past under the mid category and will then be taxed higher after tax reform is implemented.

 

as for low income earners, i think it's still a win for them if they could manage to spend wisely. unhealthy products should be taxed higher to discourage consumers from buying. the only thing i don't like is increasing tax on coal and petroleum products. they should bring in nuclear energy first before that.

[tk421]

mid income earners have been on the losing end for a long time and big income earners enjoyed their advantage for years so tax reform is better late than never.

 

the only real losers here are those who just recently became rich. they suffered in the past under the mid category and will then be taxed higher after tax reform is implemented.

 

as for low income earners, i think it's still a win for them if they could manage to spend wisely. unhealthy products should be taxed higher to discourage consumers from buying. the only thing i don't like is increasing tax on coal and petroleum products. they should bring in nuclear energy first before that.

Unfortunately, its not just unhealthy products that they should be wary about. As the new tax measure also includes higher taxes on fuel.

[perfectstranger]

yes, that's exactly what i mentioned. i don't think it's the right move considering there are no new alternatives. could have been justified if we have nuclear energy and better mass transport system in place.

[tk421]

I guess they need more money to swindle from these bbb projects...

[tk421]

So... next January 2018

Diesel will rise by P2.50, Gas at 2.65, LPG at 1.00

 

Is this a taste of how TRAIN will affect our economy?

[haroots2]

I don't think the law will take effect that fast. Ang alam ko kailangan pa ng implementing guidelines since magbabago rin ng tax table.

Hopefully all the added funds that will get from this new law will be maximized to build long term projects.

If your salary is around 15k per month you will save roughly more than 1k a month from taxes.

[tk421]

I know its not a direct consequence of TRAIN. But as I asked could the trend be like that?

 

And if it is, then this price increase in fuel alone (for example lang), would be around 7.5% agad nun 1,000 that you get to take home...

Edited December 19, 2017 by tk421

[rooster69ph]

I don't think the law will take effect that fast. Ang alam ko kailangan pa ng implementing guidelines since magbabago rin ng tax table.

Hopefully all the added funds that will get from this new law will be maximized to build long term projects.

If your salary is around 15k per month you will save roughly more than 1k a month from taxes.

You have to read up ... Yun bagong tax table na nga susundin anong irr pa hinahanap mo?

 

Effective 01/01/18 na yan and remember filing of 2018 itr won't be due until april 2019

Edited December 19, 2017 by rooster69ph

[perfectstranger]

you get more money to spend. that's enough for most since they can only see what's in front of them. pag ramdam na nila ang inflation kamot ulo na lang.

 

generally i think it's a step towards the right direction. the only thing i don't agree with is the additional tax on petroleum products, especially gasoline.

[tk421]

While it's a step forward in the right direction, it also has dire consequences: we're basically now taxing the poor so that the rich can take home more money.

[Bolj]

Ang ganda talaga ng mga assessment ng mga economist dito. Post naman kayu nga mas ok na solusyon.

[perfectstranger]

the solution to what? lower tax or a system that will favor the poor (and middle class)? because it seems our government can't or doesn't want us to have both. giving out free hospitalization, education, etc. as well as increasing wages of policemen and public school teachers all have to be funded by taxes.

 

like i said, TRAIN is generally good but taxing petroleum products will cause price increase of basic goods/services and will result to a domino effect. that's the most glaring mistake (in my opinion) when it comes to this tax reform package. people will believe that they have greater spending power with more money on hand, but will later find out that price increase will just eat up the extra cash they thought they have.

 

there is no solution at this point as it's already signed by the president. this is a discourse on TRAIN's flaws and merits. ypu are free to share your thoughts.

 

one does not have to be an economist to perform a simple economic analysis. similarly, one doesn't have to be a scientist to know science or apply the scientific method. in many cases, plain common sense will suffice.

[rooster69ph]

Imho passing additional tax measures is an easy way to cover for the gov'ernment's inefficiency in collecting taxes.

 

Magkano ba ang di nakokolekta sa smugling? Magkano ba ang di nakokolekta dahil sa under declared revenues ng mga kumpanya?

Kahit na yun mga empleyado kawaawa ang maliliit kasi they are taxed accordingly. In some companies yun mga mas nakatataas ang posisyon part of their compensation is booked as allowance or representation para hindi maging taxable.

[Bolj]

the solution to what? lower tax or a system that will favor the poor (and middle class)? because it seems our government can't or doesn't want us to have both. giving out free hospitalization, education, etc. as well as increasing wages of policemen and public school teachers all have to be funded by taxes.

like i said, TRAIN is generally good but taxing petroleum products will cause price increase of basic goods/services and will result to a domino effect. that's the most glaring mistake (in my opinion) when it comes to this tax reform package. people will believe that they have greater spending power with more money on hand, but will later find out that price increase will just eat up the extra cash they thought they have.

there is no solution at this point as it's already signed by the president. this is a discourse on TRAIN's flaws and merits. ypu are free to share your thoughts.

one does not have to be an economist to perform a simple economic analysis. similarly, one doesn't have to be a scientist to know science or apply the scientific method. in many cases, plain common sense will suffice.

Providing a better system with greatly be appreciated, what do you have in mind?

[perfectstranger]

i already mentioned not to add tax on petroleum products repeatedly. that's the easiest way to minimize inflation. but that's exactly what's included in TRAIN so there isn't much we can do for now.

 

better system is good. let's say the government succeeds in improving tax collection, hospitals, public transportation, etc. such will benefit all but it can't really reverse or offset inflation due to TRAIN. even lowering VAT or allowing nuclear power production will be beneficial to all regardless of income level so it's not specific to the poor, but could help nonetheless.

 

the best way is to generate programs focusing on the poor. adding free or subsidized training programs for small businesses such as agriculture should be good. the strategy i recommend is prioritizing the poor. help them find ways to improve their lives.

 

another step is to overhaul our education system so that our future generations will become better citizens and leaders. they should be taught how to be entrepreneurial on top of being good in math and sciences. we are seeing quite a lot of this recently in high school and college with competitions and hackathons, but we need to have children start from an earlier age. with great products and businesses, more jobs can be generated.

 

these are what i could think of in 10 minutes. no shortcut or bandaid solutions. if only the government can overturn its decision and remove petroleum from TRAIN, but it's impossible to hope for such scenario. if someone is thinking of across the board wage increase, it's not a solution because it will also cause rise in commodity prices.

 

care to share your suggestions?

Edited December 21, 2017 by perfectstranger

[tk421]

Or better utilization of taxes.

 

They keep asking for more taxes, but most of time, a percentage of the money meant for projects end up in politician's pockets instead.

[Bolj]

the best way is to generate programs focusing on the poor. adding free or subsidized training programs for small businesses such as agriculture should be good. the strategy i recommend is prioritizing the poor. help them find ways to improve their lives.

another step is to overhaul our education system so that our future generations will become better citizens and leaders. they should be taught how to be entrepreneurial on top of being good in math and sciences. we are seeing quite a lot of this recently in high school and college with competitions and hackathons, but we need to have children start from an earlier age. with great products and businesses, more jobs can be generated.

 

Thats a very good suggestion on introducing entrepreneurial business, government should promote it. They should provide a more friendly and good informative programs for people how to start your own business and such.

[tk421]

Aside from fuel, diba may mga tatanggalan din ng VAT exemptions? Anu-ano uli ang mga yun?

 

I also wonder how the fuel price hikes because of this tax law will affect utility bills? Eh mga planta natin puro fossil fuels pa naman.

 

I'm curious to know from those that will get to have more take home pay if they feel they can buy more things next year. Sabi ng isa dito, a 15,000 wage earner could take home 2,000 more. Let's revisit this one year from now and see if that really makes a difference.

[rooster69ph]

Yun mining which based on the senate version should be taxed heavily but didn't pass the bicam. Sa huli nagkaroon ng compromise which i think favorable sa mining industry. But we all know the political personalities involved in the mining business don't we?

[haroots2]

Aside from fuel, diba may mga tatanggalan din ng VAT exemptions? Anu-ano uli ang mga yun?

 

 

Duterte signs 1st tax reform package into law

 

https://www.rappler.com/nation/191729-rodrigo-duterte-signs-tax-reform-law

[tk421]

Well... at least masasagasaan na din si Penot ng TRAIN. Damay pati tayo. Yoohoo!

[blue+george]

my opinion on the matter;

 

Philippine politics is always controlled by the elite. the problem is politicians can be bought and already has been bought. other politicians exploit the government coffers thru their pork barrels and annual budgets. after the money business, we as a people now hopes for a job well done, instead they sell their services to the elites to further better laws for the rich. lucio tan, Robert ong pin etc. the problem lies to the greed vs real public service mentality, politicians just want to stay in power (money business) they try to show a good job but is now impossible due to the fact that any move that contradicts the elite, means they lose their position in the next election. the only person who don't give s@%t is mr duterte. he really does not care.

 

another misfortune is that we as a people do not respect or honor the law. we try to bend it to avoid punishment. a defiant rappler. its a picture of us all. pag nahuli sa kalsada same. pag nahuli ng police, same. nahuli ng mmda same. wala na sumusunod sa batas. everyone seems to be a victim even though they are not. everyone plays dumb and cries and ask media to help and resolve their problems. in return the media benefits from doing "public service" they are bending and maligning the law. now, the police is really really weak. corrupt and sinful. police characters. well, we can go on forever.

 

funny thing about Filipinos, pag nasa pilipinas, titigas ng ulo. pero pag nasa ibang bansa, sumusunod naman sa batas. kahit gaano pa ka strict. no smoking, no littering. 100% sumusunod.

 

 

I think the main reason we are not progressing is that, wala tayo lahat respeto sa batas. walang sumusunod. walang nagpapatupad. walang benevolent body na nag se set ng tama. at didisiplina sa mali.

 

 

quite depressing. the more na titigas ang ulo ng pinoy, well... wala tayo progreso bilang isang bansa...