FINANCE SECRETARY Ralph G. Recto is not in favor of a “wealth tax,” saying there are al ready enough taxes. “I think we have a lot of wealth taxes also to a certain degree,” Mr. Recto told reporters ...
The premise of a wealth tax is to take a small portion of the large amount of money tied up in the fortunes of wealthy individuals and redirect it towards those less well-off via taxation.
Makina highlighted that the introduction of a progressive wealth tax could help address these issues, estimating that it could generate $7.5bn annually.