is the answer
Published by the Visayan Daily Star Publications, Inc.
|NINFA R. LEONARDIA|
Editor-in-Chief & President
NIDA A. BUENAFE
MAJA P. DELY
ANTONIO L. LEONARDIA|
Who does not want tax cuts? Perhaps only masochistic or overly patriotic people who feel they have to give a good part of their income to help their country meet its obligations and fund its projects supposedly for the good of the public.
But the plea of Finance Secretary Margarito Teves to Congress to adopt a moratorium on the passage of several pending bills that, he says would cut government income by about P51 billion a year seems to worth considering at this time. This appeal was made by the Finance Secretary during the recent Legislative Executive Development Advisory Council, or LEDAC. He warned the officials present that some measures taken by the country this year already shows about P89 billion foregone. And this will further go up by as much as P65 billion more if the other bills now pending or being proposed by legislators are passed.
Particularly noted by the Finance Secretary are the creations of ecozones in at least five provinces that will reduce tax collections by a big amount, and so will the abolition of documentary stamp taxes on real estate investment trusts. While he did not enumerate the other pending bills that congressmen have already filed, and are already being acted upon, it is reasonable to assume that all of these bills will entail budget appropriations which the present state of our economy can ill afford.
A housewife once said that our country’s economy would not be in such straits if it were managed the way ordinary homemakers do with the finances available to them. But that is too much to expect now, especially with our congressmen all rushing to file bills that would enable them to undertake projects that will heighten their chances at reelection, or plans for another political position. And so we will continue to exist in deficit and, in laymen’s term, live beyond our means. Now our solons want to turn off sources of revenue while putting up projects that will require more and more government money to earn more brownie prints.
What kind of housekeeping is that?