Binay vows to cut taxes

Vice President Jejomar Binay FILE PHOTO

Vice President Jejomar Binay on Thursday expressed dismay at the decision of Congress to shelve the bills that would lower income tax rates, assailing the administration anew for its “insensitivity.”

Binay was reacting to Speaker Feliciano Belmonte Jr.’s declaration that the measures adjusting income tax brackets for the benefit of taxpayers was dead in the 16th Congress for lack of time, as well as support from President Aquino.

“This is an example of the teka-teka (wait-and-see attitude) and insensitivity of the administration. Its allies were the ones who sponsored the income tax cut bill, yet they cannot decide whether to support it or not,” Binay said in a statement.

Under the proposed measure, those making P180,000 and less annually would be exempt from paying taxes, while those earning from P180,000 to P500,000 would only pay 9 percent.

Those who make between P500,000 and P10 million will pay 17 percent, while those who earn more than P10 million will pay 30 percent. At present, those earning at least P500,000 a year are taxed  32 percent.

Binay said that should he win the presidency, the passage of the lower income tax bill would be his priority in his first 100 days in office.