Ronald Goseco l 4 March 2022
A FAMOUS quote about taxes originated with Benjamin Franklin, “Nothing is certain except death and taxes.” Over 200 years later, it still rings true. Although taxes on income and profits can almost never be avoided, there are a number of ingenuous exceptions and ways to avoid them. I believe this is the reason why Finance Secretary Carlos Dominguez 3rd, speaking at a general membership meeting of the Financial Executives Institute (FINEX) stated that he does not favor a wealth tax. He shared a story of his French friend who simply transferred his holdings to another country when France decided to levy additional taxes. Dominguez suggested instead an increase in real property taxes since land cannot be transferred to another country. He specifically cited as examples the disparity between market values and assessed property values along Ayala Avenue and Forbes Park. This is an opportunity that we are missing out on. Dominguez, however, intimated the realistic view that this lies in the purview of local government units and realizes that despite the obvious financial advantages, this would not have popular support and local officials will be faced with a dilemma, which could be anathema to their political survival.
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