What will Ka Leody do if wealth tax is not legislated?

Josiah Antonio, ABS-CBN News

Posted at Feb 04 2022 12:53 PM

MANILA — Partido Lakas ng Masa presidential aspirant Leody De Guzman on Friday said he would push a people's initiative if his proposed wealth tax will not be passed into law.

"Dapat dumaan siya sa Congress pero kung hindi ipapasa ng Congress, ang gagawin natin ay gagamitin natin ‘yung people’s initiative na pamamaraan para maaprubahan ‘yung batas na ‘yan na mag-impose tayo ng wealth tax sa lahat ng mayayaman," De Guzman said during the Kapisanan ng mga Brodkaster ng Pilipinas (KBP) Presidential Candidates' Forum.

(It should go through Congress but if Congress does not pass it into law, what we will do is we will use the people’s initiative method to get the approval of that law that will impose a wealth tax on the rich.)

"Doon natin kunin ‘yung perang ating kailangan para sa pagbangon ng ating ekonomiya para suportahan natin ‘yung ating mga magsasaka, suportahan natin ‘yung sektor ng ating kalusugan at ‘yung pag-create ng trabaho. 

(That's where we will get the money we need for the recovery of our economy so that we can support our farmers, we can support our health sector and job creation.)

The Constitution requires that revenue or tariff bills originate from the House of Representatives. The Senate may propose or concur with amendments. 

De Guzman has been pushing for the imposition of a 20-percent wealth tax among the 500 richest families in the country to have enough funding for social services.

Many have criticized the proposal due to possible capital flight and tax avoidance.