Sen. Win Gatchalian wants to tax the rich – yes, him too

·1 min read
Senator Sherwin
Senator Sherwin "Win" Gatchalian. (Photo: wingatchalian.com)

Senator Sherwin "Win" Gatchalian filed a bill seeking to implement a wealth tax, with the aim of “increasing the contribution of the wealthy.”

“... we are following the concept of progressivity in which if you are capable of contributing – I’ll use the word contribution because everyone has the responsibility of contributing to nation building," he said Friday (July 24). “If you have a bigger capability of contributing more, then that should be looked at.”

Gatchalian is eyed to govern the Senate Committee on Ways and Means, a committee dedicated to discussing revenues, taxes, tariffs, and loans.

He added, "Whether we will correct a significant amount, we are still in the process of computing that, but we are looking at the concept."

He also recognized that the imposition of such a wealth tax will affect him as well. As of 2020’s end, the senator has a net worth of P91.21 million.

“Definitely my income is above a normal person's income,” Gatchalian said. So I guess to put it simply if you’re above a normal person’s income, you are considered a well-off individual.”

The senator mentioned that there is a need to revisit the causes of government inefficiency in taxation such as corruption, saying that they “need to review it before we start imposing new taxes and new fees.”

Last year, the Makabayang Koalisyon ng Mamamayan (MAKABAYAN) bloc filed a similar bill, HB 10253, targeting a 1-3% wealth tax on individuals with an asset net value of over P1 billion, which may generate P236.7 billion, according to independent think-tank IBON Foundation. The imposition of a wealth tax is also a view shared by renowned economist Winnie Monsod.

Mark Ernest Famatigan is a news writer who focuses on Philippine politics. He is an advocate for press freedom and regularly follows developments in the Philippine economy. The views expressed are his own.

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