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