Legislator says Finance department open to discussing tax on billionaires

THE Department of Finance (DoF) is open to discussing a “wealth tax,” a legislator said at the DoF’s budget hearing, which could signal greater willingness by the government's chief fundraiser to consider new sources of revenue after a longstanding no-new-taxes position.

- Kenneth Christiane L. Basilio

Sultan Kudarat Rep. Bella Vanessa B. Suansing, speaking at the hearing late Wednesday with Finance Secretary Ralph G. Recto seated near her, said: “The DoF is very open to discussions relating to the wealth tax to be integrated into the revenue program of the National Government,” she said at the hearing.

Mr. Recto’s position on new taxes has subtly evolved after ruling them out entirely last year. In August, he said he will support any tax law passed by Congress.

Wealth tax proposals have ranged from 1-3% of net assets held by billionaires in recent sessions of Congress, though no such bills have been filed in either chamber during the current 20^th Congress.

“Ever since the 19^th Congress, (the DoF) has been very open with proposals for wealth taxes... because the agency is not just mandated, but has pursued progressive taxation,” Ms. Suansing said.