Mr. President:
Paragraph (1), Section 28, Article VI of the 1987 Constitution provides that: “The rule of taxation shall be uniform and equitable. The Congress shall evolve a progressive system of taxation.”
Let me start with a quote from a top-notch lawyer and an acknowledged tax expert, Senate President Juan Ponce Enrile, in opening the Third Regular Session of Congress last July 27, 2009. He said, and I quote: “I urge my colleagues in this Senate and the leaders of the country to reassess our fiscal policies and economic objectives, and devise more creative ways and means to stimulate and hasten the momentum of business and industry in the country, instead of simply looking at taxing the people more. Otherwise, the result might be worse than just economic stagnation. Continue reading “Sponsorship Speech for SB 3392 (Exempting Local Water Districts from Income Tax)”