Experts push to slap taxes on wealth-creation

As experts push to slap taxes on wealth-creation to recover massive pandemic-induced revenue losses, legislators crafting tax laws in the Philippines have resorted to “creative” ways of squeezing additional money from taxpayers without further burdening them amid a recession.

According to Jim Brumby, a World Bank senior governance adviser, “if ever there were a time that wealth taxes could help, it may be now” even as he noted most countries had been “extremely hesitant” to introduce these levies.

Brumby said taxing wealth would address five global disruptions, namely: “out-of-hand” inequality; a global fiscal “hole” as the pandemic pushed countries to massive debt; a stock market that went into a frenzy for stocks that offer a dependable and growing revenue bundle or so-called “rundles;” difficulty now for the “super-rich” to hide their money in tax havens, and a fraying social fabric.

He reiterated, “Now is the time to consider a wealth tax.”

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