Mamamayang Liberal party-list Rep. Leila de Lima has proposed the imposition of an annual ultra-wealth tax on billionaires in the country, particularly individuals with net assets exceeding P1 billion.
De Lima filed House Bill No. 9274, or the “Ultra-Wealth Tax Act,” which seeks to impose annual taxes on ultra-rich individuals to help fund essential government services.
Under the proposed measure, revenues collected from the tax would be exclusively allocated to healthcare, livelihood programs, education, housing, and support for local government units (LGUs).
“In our current taxation system, many consumption taxes burden the majority of the population and heavily impact the poor and the middle class,” De Lima said.
“Government interventions are necessary to address the widening inequality brought about by massive economic disruptions and systemic failures,” she added in a statement released on Sunday, May 31.
The bill proposes a tiered tax system based on wealth thresholds. Individuals with net taxable assets exceeding P1 billion would be subject to a 1 percent tax rate, while those with wealth above P2 billion would pay 2 percent. Taxpayers with assets exceeding P3 billion would be charged a 3 percent tax.
According to the proposed legislation, only a small number of taxpayers classified as ultra-rich would be covered by the measure.
De Lima also noted that the middle class continues to bear a significant tax burden while often receiving limited government assistance during crises and unexpected events.
“Batid din natin na ang middle class, tuloy-tuloy man sa pagbabayad ng buwis, hindi naman kadalasang nakatatanggap ng ayuda sa panahon ng krisis o mga di-inaasahang pangyayari,” she said.
The lawmaker likewise pushed for the passage of House Bill No. 9172, which seeks to raise the income tax exemption ceiling for individual taxpayers from P250,000 to P480,000 annually to ease the burden on low- and lower-middle-income earners.
“Tuloy ang laban natin para sa makatarungan at inklusibong pagbubuwis at sa pagtiyak na ginagamit ang pondo ng bayan sa mga serbisyong may tunay na pakinabang sa mga Pilipino,” De Lima said.
