Albay Representative Joey Salceda on Monday suggested taxing luxury items instead of the rich as proposed by Oxfam Pilipinas in its latest report.
In a statement, Salceda said his committee — the House Committee on Ways and Means, where all tax measures are assigned — is studying the imposition of non-essentials goods taxes on several lines of luxury items.
"But wealth induces luxurious lifestyles, or what economists call conspicuous consumption. We can slap taxes on those items since they won’t mind paying them anyway." Among the items Salceda said they are studying to tax are wristwatches, bags, and other leather items above P50,000; private jets, luxury cars above P5 million; the sale of residential properties above P100 million; beverages above P20,000 per bottle; and traded paintings above P100,000, among others."
"The committee will definitely pass a measure expanding that list, but we will discuss which items can generate the most revenue for the least effort," Salceda said.nine richest Filipinos have more wealth than the bottom half, or 55 million, of the populationGiven the findings, Oxfam called on the Philippine government to impose taxes on the country's rich since imposing a wealth tax can raise additional government revenue of $3.
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