Tax billionaire wealth to raise revenues

October 11, 2022

by IBON Foundation

Government refuses to cut oil taxes because of revenue losses.

Taxing the super-rich however will help raise revenues—a wealth tax on 2,945 billionaires can contribute Php469 billion to government coffers.

This is even bigger than the Php197.3-billion revenue collected from TRAIN’s oil excise tax in 2019-2020 which disproportionately burdened the poor.