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    Hyunji Cha
    1. The TRAIN law was enacted in 2017 to reform the tax system by lowering personal income taxes, simplifying other taxes, and expanding the VAT base while introducing excise taxes on certain goods. 2. Advantages include generating additional revenue to fund infrastructure projects and improving healthcare services. Disadvantages are that it could increase unemployment and prices of basic goods, negatively impacting the poor. 3. The author recommends voiding the law before further damage or implementing progressive taxation where high-income earners pay more tax than low-income earners to increase fairness.

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    1. The TRAIN law was enacted in 2017 to reform the tax system by lowering personal income taxes, simplifying other taxes, and expanding the VAT base while introducing excise taxes on certain goods. 2. Advantages include generating additional revenue to fund infrastructure projects and improving healthcare services. Disadvantages are that it could increase unemployment and prices of basic goods, negatively impacting the poor. 3. The author recommends voiding the law before further damage or implementing progressive taxation where high-income earners pay more tax than low-income earners to increase fairness.

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    1. The TRAIN law was enacted in 2017 to reform the tax system by lowering personal income taxes, simplifying other taxes, and expanding the VAT base while introducing excise taxes on certain goods. 2. Advantages include generating additional revenue to fund infrastructure projects and improving healthcare services. Disadvantages are that it could increase unemployment and prices of basic goods, negatively impacting the poor. 3. The author recommends voiding the law before further damage or implementing progressive taxation where high-income earners pay more tax than low-income earners to increase fairness.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    43 views2 pages

    Advantages

    Uploaded by

    Hyunji Cha
    1. The TRAIN law was enacted in 2017 to reform the tax system by lowering personal income taxes, simplifying other taxes, and expanding the VAT base while introducing excise taxes on certain goods. 2. Advantages include generating additional revenue to fund infrastructure projects and improving healthcare services. Disadvantages are that it could increase unemployment and prices of basic goods, negatively impacting the poor. 3. The author recommends voiding the law before further damage or implementing progressive taxation where high-income earners pay more tax than low-income earners to increase fairness.

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    © All Rights Reserved
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    of 2

    Title of the law What is it?

    Advantages and disadvantages Recommendation


    Republic Act No.10963 It was enacted recently by Congress Advantages: 1. Although it can be an
    Tax Reform for Acceleration and and approved by President Rodrigo 1. With the tax reform, we can opportunity, it is obviously risky.
    Inclusion Law (a.k.a TRAIN law) Duterte on December 19, 2017. invest more in our country’s Moreover, large population from
    TRAIN law consists of revisions to healthcare by providing better poor families and consumers are
    the National Internal Revenue Code services and facilities. already negatively influenced by
    of 1997. It aims to address 2. Additional revenue raised by the the law. Thus, it must be void
    weaknesses of the current tax tax reform will be used to fund the before the damage gets harder.
    system by lowering and simplifying infrastructure program of the
    personal income taxes, simplifying Department of Public Works and 2. Increase in tax with inflation of
    estate ad donor’s taxes, expanding Highways (DPWH), which includes price of basic commodity. This
    the value-added tax (VAT) base, and major highways and flood control applies to both rich and poor
    introducing excise tax on sugar- projects. families. Although only few amount
    sweetened beverages. In general, it Disadvantages: of wages increase for poor
    reduced personal income taxes but 1. It will increase unemployment individuals, the same price applies
    increased those on cars, tobacco, rate as labor sector will demand an to both rich and poor people. Thus,
    sugar-sweetened beverages, and increase in wages. this system does not exhibit
    fuel. 2 It facilitates the increase of prices fairness. Therefore, I would
    of basic goods that would severely recommend the tax system to
    affect the poorest families. As of implement progressive taxation
    May 2018, Inflation in prices wherein high-income earners
    against the value of money should pay more tax than low-
    accelerated at 4.5 percent – the income earners.
    fastest in five years and beyond the
    ceiling government projected.
    Republic Act No. 875
    AN ACT TO PROMOTE INDUSTIAL
    PEACE AND FOR OTHER PURPOSES

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